Housing Demand Surges to Multiyear High, Mortgage Spread Hits 200bps
Weekly pending sales reached 80,258 — a multiyear high for the calendar week. New listings broke 80,000. The 30-year mortgage eased to 6.32%.
The Data
80,258.
That's the weekly pending home sales count for the week ending April 24, 2026 — a multiyear high for the calendar week and +18.2% year-over-year, up from 67,892 in the same week of 2025. Logan Mohtashami reported the figures Sunday at HousingWire, drawing on national weekly tracker data.
New listings moved with them. The week's count crossed 83,395, the first sustained move above 80,000 and +19.3% YoY. Active inventory rose to 765,048, up from 743,006 the prior week and +4.58% YoY — a sharp deceleration from the 33% pace a year ago, but still building.
Rates are the other half. The 30-year fixed sits at 6.32% in Mortgage News Daily's survey and 6.39% in Polly rate-lock data. The 10-year Treasury closed near 4.48%. That puts the mortgage spread near 200 basis points, down from 205bps a week earlier. The historical norm is 160 to 180.
The Context
Two things make this print unusual. The first is the geopolitical backdrop: the Iran war is ongoing, a setup that historically pushes Treasury yields higher and mortgages with them. Instead, the bond market has stayed orderly and the spread has compressed. The second is the Fed Chair watch — President Trump's reported consideration of Kevin Warsh as a successor to Jerome Powell has rate markets parsing every signal for policy continuity.
Mohtashami called the 4.48% 10-year a possible top for the year. On a $400,000 loan, the move from roughly 6.46% earlier in the month to 6.32% saves about $36 a month — enough to clear thin DSCR tests on properties that didn't pencil two weeks ago.
Pending home sales lead closings by 30 to 60 days, so the surge points to stronger May-June prints. The price-cut share is 34.22%, down from 36% a year ago.
Also Moving
- Homeowners insurance premiums rose 8.5% in 2025 after an 18% jump in 2024, per a HousingWire industry analysis. Over half of buyers now make coverage a contingency in their final offer.
- Blue Owl Capital agreed to take Sila Realty Trust private for $2.4 billion, acquiring 137 healthcare-REIT properties — the week's largest commercial deal (Commercial Observer).
- A federal Fifth Amendment takings suit was filed against the City of Los Angeles by the owners of the former Marilyn Monroe Brentwood property, who say the city's historic-monument designation reduced market value to zero (New York Post).
What to Watch
Three signals over the next 30 days:
- The May 1 Freddie Mac PMMS print — whether the 30-year holds 6.32% or breaks lower confirms the spread compression.
- The May 7 FOMC decision — consensus is a hold at 4.25 to 4.50%. Any commentary on Powell succession reshapes the rate path.
- The price-cut share. A drift below 34% would be the first sign sellers are pulling back concessions in a building-inventory market.
Data sources: FRED MORTGAGE30US, FRED DGS10, HousingWire, Mortgage News Daily.
BPS is the Census Bureau's monthly survey of residential building permits issued by local permit-issuing jurisdictions — the source of every county and metro permit count used in real estate supply analysis.
Read definition →CES is the BLS monthly survey of business payrolls that produces nonfarm employment counts at the national, state, and metro level — the establishment-based counterpart to LAUS unemployment data.
Read definition →Homeowners insurance is a property insurance policy (typically an HO-3 form) that protects an owner-occupied residence against damage, theft, liability claims, and temporary displacement — and it's a non-negotiable requirement from every mortgage lender before they'll fund your loan.
Read definition →Rent is the periodic payment a tenant makes to a landlord in exchange for the right to occupy a property -- the single revenue line that funds your mortgage, expenses, and profit as a rental property investor.
Read definition →An offer is a formal written proposal from a buyer to a seller specifying the price, terms, and conditions under which the buyer is willing to purchase a property — and once the seller signs it, the offer becomes a binding purchase agreement.
Read definition →A contingency is a clause in a real estate purchase contract that makes the sale conditional on a specific event occurring within a defined timeframe — giving the buyer a legal exit if that condition is not met, typically with full return of their earnest money deposit.
Read definition →Sophia Warren
Residential Investment Analyst & News Editor
My realm is residential real estate investment, with a knack for spotting gems in emerging markets. I also edit the REI Prime daily news desk, where I translate federal data releases and operator signals into actionable briefs for small investors. Beyond properties, my world blooms in urban gardens and thrives in crafting stylish interiors.
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