June 2026 MBS Highway Housing Index

The MBS Highway National Housing Index fell 9 points in June 2026, dropping from 47 in May to 38. Buyer activity declined sharply from the previous month, while price direction reversed its slow but steady climb.

National Data

After rebounding in May, the MBS Highway National Housing Index moved sharply lower in June, falling 9 points month over month to 38. The index remains 4 points above its level from a year ago. As a reminder, a reading of 50 separates contraction (below 50) from expansion (above 50).

Buyer activity saw a significant decline, dropping 12 points from May to 38 and moving back into contraction territory. Even with the pullback, buyer activity remains 4 points above its year-ago level of 34. Nationwide, approximately 22% of respondents described buyer activity as active, down notably from 32% in May. This suggests that the interest rate sensitivity seen earlier this spring remains a key factor for buyers.

After increasing for six consecutive months, price direction declined 5 points in June to 38, which is 4 points above its June 2025 reading of 34. Price direction remains below the 50 threshold nationally, indicating that price reductions continue to outnumber price increases across the country.

Regional Data

Buyer activity declined across all seven regions, with the largest drops occurring in the Northeast (-33 to 50) and Mid-Atlantic (-23 to 49). While four regions were at or above the 50 expansion threshold in May, only the Northeast remained at that level in June.

Price direction fell in six of the seven regions. The Southwest was the lone exception, posting a modest 1-point increase to 26. Aside from the Southeast, which slipped just 1 point to 25, the remaining five regions recorded declines ranging from 7 to 10 points. Despite the pullback, the Northeast (72), Mid-Atlantic (61), and Midwest (53) remain above 50 and in expansion territory.

Question of the Month

Affordability remains a key challenge for many homebuyers, especially after the recent rise in mortgage rates following the U.S.-Iran conflict. We asked survey respondents: Compared to last year, is affordability more of an issue, less of an issue, or about the same for your clients?

Overall, 52% of respondents said affordability is about the same issue today as it was a year ago, while another 43% said affordability has become more of an issue. In every region, more than 90% of respondents reported that affordability is either more challenging or about the same as last year, highlighting the persistent affordability pressures facing buyers.