The US housing market stayed subdued as Treasury yields whipsawed and mortgage rates climbed, with conflict-driven uncertainty and higher oil prices keeping many buyers cautious.
The conflict, which began in Late-Q1, had already hurt the national housing outlook. Mortgage rates moved above mid-6%, and mortgage professionals said business was slowing.
An executive said the short-term picture looked grim, with war, inflation, oil prices, and layoffs weakening the economy and likely slowing housing activity further.
Still, the executive said long-term demand should persist, arguing people will keep buying, selling, and refinancing homes even after the current slowdown passes.
A blocked oil passage for weeks added inflation fears and pressure from higher oil prices, while markets and mortgage watchers were left waiting for clearer signals.
The executive said improvement could come by Late-Q2 if the war ended, because lower Treasury yields and stronger optimism could help the mortgage
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