Homebuyers Acceptance of Rising Interest Rates
- Occam monitors the sensitivity of homebuyer purchase intent to mortgage rates.
- The chart below illustrates willingness to purchase a home as a function of the level of 30-year mortgage rates.
- Buyers seem noticeably more receptive to elevated mortgage rates in Q1 2024 than they were in Q1 2023.
- This increased receptivity to high mortgage rates causes us to anticipate a larger uptick in closings if rates were to fall compared to what we would have expected last year.
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