Consumers between the ages of 35 and 54 exhibit the highest confidence. They believe that interest rates will fall and are more likely to consider purchasing a home.

While consumers have been on the sidelines, they are starting to move and feel encouraged about the future.

Application volume is up by 1.8%, but it is still down 18% from last year. Refinances have decreased, which I found interesting initially. However, upon reflection, it makes sense—why would you refinance when rates are dropping? It would be more prudent to wait for the landing before re-engaging.

2023 is almost in the rear view mirror.