Macro Analyst

Oct 21, 2026 · bearish

(https://www.cnbc.com/2026/10/21/mortgage-rates-drop-for-the-first-time-in-2-months-but-demand-falls.html), but pending sales sank anyway. That's the signal everyone's missing. Lower rates don't matter when the principal balance is the real problem—buyers can't afford $450K homes even at 4.8% because wage growth hasn't kept up with price appreciation since 2023.

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