HousingWire Daily Logan Mohtashami: Explaining the 25% growth in purchase applications
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Jul 11, 2025 
Logan Mohtashami, a lead analyst known for his expertise in housing market dynamics, dives into the surprising 25% year-over-year rise in mortgage purchase applications. He discusses the resilience of this trend despite high rates and delves into the historical context of mortgage demand dynamics. The conversation also highlights the contradictions within the current real estate market, from interest rates to economic implications of federal policies, offering valuable insights for analysts and consumers alike.
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Unexpected Purchase Application Growth
- Purchase application data showed 25% year-over-year growth and 9% week-over-week growth, surprising many experts.
- This rebound is rare and indicates a stabilization in the housing market despite high mortgage rates.
Housing Market Bottoming Out
- The 2023 housing market rebound resembles the 1980s when falling rates eventually boosted demand.
- We’re seeing rising purchase applications from very low levels, indicating a possible market bottom despite elevated rates.
Low Base Inflates Growth Numbers
- Last year's low base created a low bar for growth, causing year-over-year purchase apps to show big percentage increases.
- Weekly purchase app data is mixed, so growth is real but not dramatically strong yet.