This morning, home builders and mortgage brokers awoke to some positive news: There's a chance that U.S. housing market demand, which was in free-fall mode during the second half of 2022, has bounced off the bottom.
The seasonally adjusted Mortgage Purchase Application Index—a key leading indicator for housing activity that tracks mortgage applications—rose to 198.7. That's the highest weekly reading since September, and up 24.7% from last week's reading of 159.4.
