New home sales soared 7.4% MoM in March (dramatically better than the +1.3% MoM expected), lifting sales up 6.0% YoY...

While new home sales soared amid the tumbling mortgage rates, April has seen rates surge back up to 7.00%, suggesting this sudden sales spike will be short-lived...

And if confirmation was needed, the more timely 'mortgage applications' data shows a major plunge in the last two weeks...

...and if you're hoping for lower rates to keep the American Dream alive, that will likely come at the cost of a recessionary environment...&nbsp;

...not exactly a great background for homebuyers, whose sentiment already languishes at record lows...

...rates have soared since.
{ai:summary}New home sales increased by 7.4% month-over-month in March, surpassing expectations, with a 6.0% year-over-year rise. However, mortgage rates have surged back to 7.00% in April, indicating that the sales spike may be temporary. Recent data on mortgage applications shows a significant decline, suggesting a challenging environment for homebuyers, who are already facing low sentiment levels. #economy

US New Home Sales Surged In March As Mortgage Rates Tumbled, But...

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