Housing demand still growing as mortgage rates reach inflection point
Despite higher oil prices and mortgage rates and no indication that Iran war is ending, existing home sales posted another positive week.
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Homebuilder confidence nudges up but remains below par
Builder confidence stayed at 38 in March, with 37% cutting prices and oil near $100 per barrel adding pressure to demand and costs.
Read MoreHow will rising oil prices impact the U.S. housing market?
As oil spiked toward $120, the 10-year yield moved to 4.21% then eased to 4.13% while mortgage rates stayed near 6.17%.
Read MoreOil prices are crashing. Blame uncertain demand and booming US production.
US crude prices plunged below $70 a barrel on Wednesday, while brent dropped to $74 as the global demand outlook falters.
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