Purchase applications for real estate continue to grow even with higher interest rate. Buyers are increasingly buying down their rates as they grapple with getting lowering their monthly payments. 45% of buyers have been buying down their rates. New homebuilders like Lennar, Pulte, KB homes among others and have been offering to buy down rates as they battle for prospective buyers. Historically new homes have been on 9-10% of the homes listed for sale but with existing homeowners refusing to list their homes for fear of higher interest rates when they repurchase. The percentage of new homes currently being offered is at a market high of 30%, which is driving new home sales which are up about 10% in March regardless of higher rates.
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