We’re on a bit of a streak, three days in a row with bonds improving, a welcome tailwind for mortgage rates.

Pending Home Sales rose 1.8% in February, a strong rebound compared to expectations for a decline. However, that data reflects a very specific moment in time, when mortgage rates briefly dipped below 6% before the recent volatility tied to geopolitical tensions.

It’s a great reminder of how impactful even a small drop in rates can be. That short window of improved affordability was enough to quickly pull buyers back into the market.

But timing matters, this is backward-looking data. The bigger question is how the recent rise in rates and global uncertainty will shape demand as we move into the spring market.

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