Elevated mortgage rates aren’t discouraging homebuyers

Purchase application data

In a total shocker for 2025 — which is receiving no airtime whatsoever — purchase application data from last week showed 20% year-over-year growth and 10% week-to-week growth. People have no idea what to make of this data line in 2025, so most tend to ignore talking about it. I wrote this article last week to give some perspective, but last week was one of the best weeks in years. 

Here is the weekly data for 2025:

• 11 positive readings
• 8 negative readings
• 3 flat prints
• 19 straight weeks of positive year-over-year data 

Weekly pending sales

Our weekly pending home sales provide a week-to-week glimpse into the data; however, this data line can also be impacted by holiday weekends and any short-term shocks. Last week’s data…