- Prior was -4.6%
- Year over year transactions -3.6% vs -5.2% prior
- Index at 72.0 vs 70.6 prior (was at a series low)
“Despite the modest monthly increase, contract signings remain well below normal historical levels,” said NAR Chief Economist Lawrence Yun. “A meaningful decline in mortgage rates would help both demand and supply – demand by boosting affordability, and supply by lessening the power of the mortgage rate lock-in effect.”
“Considering the Federal Reserve’s recent forecast for slower economic growth, we expect mortgage rates to slide moderately lower,” said Yun. “But the current high national debt will prevent mortgage rates from falling drastically – and certainly not to the 4%-to-5% range seen during President Trump’s first term.”
NAR forecasts mortgage rates will average 6.4% in 2025 and 6.1% in 2026.