Escalating tensions in the Iran conflict helped push mortgage rates higher last week, but several key housing indicators continued to point to steady demand, according to the report. The 30-year fixed mortgage rate moved up to 6.87%, an increase of 0.03 percentage points.
Weekly pending sales remained above the comparable period a year earlier, even with the usual slowdown tied to the July 4 holiday. Pending sales reached 63,971 for the week, compared with 61,143 a year earlier. Purchase applications also held up, falling 1% from the prior week but rising 5% from the same week in 2025.
Inventory was slightly below last year’s level, with total housing supply at 844,011 after a weekly decline from 852,241. The report noted that inventory remains well above the lows seen during the pandemic years, even if recent growth has slowed. New listings also stayed stronger than in 2023 and 2024, with 63,405 added last week versus 60,726 in the same week last year.
Price cuts continued to affect a sizable share of the market, but the proportion was lower than a year ago. The report said 39.57% of homes had price reductions, down from 41% in the comparable period last year. Overall, the data suggested that while rates were sensitive to geopolitical developments, housing demand remained positive on a year-over-year basis.
Source: housingwire.com
