Rates Rise, Buyers Pause

Mortgage rates surged in May after a brief April dip, pushing buyers into pause mode and dragging pending sales flat while closings stayed strong from earlier deals. With inflation lingering and Fed signals hinting at possible rate hikes, demand cooled sharply—purchase applications hit multi-month lows despite a minor rate dip. Meanwhile, tech hubs like San Jose and SF continue booming, while cities like Detroit and NYC see declines. Inventory hits a six-year high yet prices keep climbing, with fewer homes selling below asking price—proof the market’s still feeling the squeeze. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/d775b04749f7f34c