Housing Market Volatility Continues with Fluctuating Rates and Low Inventory.

The housing market experienced a wild week as the 10-year yield rose, sending mortgage rates near 7%. New listings data fell, but active inventory grew slowly. Purchase apps had a weekly negative print, continuing the trend of higher rates impacting the data. The debt ceiling issue is a wild card for market activity this week, with or without a resolution. The market will pay more attention to that than economic data this week.