Highway insights
Monthly updates on homebuyer activity, pricing pressure and sales pace both regionally and nationally.
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The MBS Highway National Housing Index continued its downward trend in September, falling from 27 in August to 22. The index has now declined for four consecutive months after reaching a seasonal high of 47 in May. Both buyer activity and home price direction weakened from the previous month.
The MBS Highway National Housing Index fell 5 points in August 2026 to 27, with the normal seasonal downturn exacerbated by the highest mortgage rates we’ve seen in more than a year.
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After reaching a seasonal high of 47 in May, the MBS Highway National Housing Index continued to cool in July 2026, falling from 38 in June to 32. Buyer activity and home price direction both posted notable month-over-month declines.
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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.
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The MBS Highway National Housing Index rose 5 points in May 2026, climbing from 42 in April to 47. Buyer activity rebounded sharply from last month’s rate-driven pullback, hitting exactly 50 — the expansion threshold — while price direction continued its slow but steady climb.
The MBS Highway National Housing Index fell 5 points in April 2026, dropping from 47 in March to 42. While national price direction remained relatively steady, buyer activity declined sharply, likely reflecting the recent rise in mortgage rates.
The MBS Highway National Housing Index rose 4 points in March 2026, climbing from 43 in February to 47. A year ago, the index stood at 45. The spring seasonal upswing continues to build, with the buyer activity sub-index crossing into expansion territory for the first time since May 2024.
The MBS Highway National Housing Index jumped in February 2026, rising 9 points from January to 43. A year ago, the index stood at 41. Lower mortgage rates and improved affordability are boosting the normal seasonal upswing.
The MBS Highway National Housing Index saw a solid rebound in January 2026, rising 7 points from December to 34. A year ago, the index stood at 36. Lower mortgage rates are beginning to support transaction activity and put modest upward pressure on prices.
The MBS Highway National Housing Index rose 3 points in December 2025 to 27. A year ago, the index stood at 32. Lower mortgage rates have yet to significantly boost transaction activity, but should provide a tailwind as the seasonal upswing gets going in January.
The MBS Highway National Housing Index fell 3 points in November 2025 to 24. A year ago, the index stood at 31. While average mortgage rates are significantly lower than they were a year ago, inventory levels are much higher, putting downward pressure on prices.
The MBS Highway National Housing Index was flat in October 2025 at 27. A year ago, the index was at 40. So far, our survey respondents are seeing a limited boost to transaction volumes from mortgage rates trending lower over the last three months.
After months of steady declines, the MBS Highway National Housing Index bounced back – climbing 3 points to 27. This improvement partially reflects the recent sharp dip in mortgage rates sparked by softer-than-expected labor sector data.
After a massive drop in July 2025, the MBS Highway National Housing Index edged lower in August 2025, slipping by 2 points to a level of 24. Elevated mortgage rates continue to strain affordability and dampen demand, while softening price momentum is now evident across most regions, with only the Northeast and Mid-Atlantic showing modest resilience.
The MBS Highway National Housing Index fell sharply in July 2025, dropping by eight points to a level of 26. Stubbornly high rates are making affordability challenging and constraining demand, while rising inventory levels are adding to pricing pressure, especially in the South.
The MBS Highway National Housing Index experienced a notable decrease in June 2025, dropping by eight points to a level of 34. This decline reflects ongoing economic uncertainty that continues to hinder housing activity this spring.
The MBS Highway National Housing Index dropped six points to 42 in May 2025 as buyer activity levels fell in all regions, most likely as a result of broader economic concerns.
The MBS Highway National Housing Index rose three points to 48 in April 2025. While this marks the fifth-straight month of increases, buyer activity remains slightly cooler, and price direction significantly cooler, than at the same time last year.
The MBS Highway National Housing Index rose four points in March 2025, led by a seven-point improvement in buyer activity. Price direction, however, was flat overall, with month-over-month declines seen in several regions.
The MBS Highway National Housing Index rose five points in February 2025, as both buyer activity and price direction saw seasonal increases, albeit less pronounced than last year.
The MBS Highway National Housing Index rose four points in January 2025, as the steady rise in mortgage rates during December tempered the normal seasonal upswing.
Following a big drop in November, the MBS Highway Housing Index rose one point in December as the recent surge in bond yields and mortgage rates partially reversed course.
The MBS Highway National Housing Index dropped 9 points to 31 as the brief (and unseasonal) rise in buyer activity last month was crushed by the rebound in mortgage rates.
The MBS Highway National Housing Index was flat in October 2024 at 40, with a modest increase in buying activity offset by weakening home price momentum.
The MBS Highway National Housing Index dropped 2 points in September 2024 to 40. With the seasonal slowdown well underway, the decline in mortgage rates over the last four months has yet to noticeably boost buyer activity.
The MBS Highway National Housing Index dropped 2 points in August 2024 to 42. Lower mortgage rates in July helped to improve buyer activity, but home price momentum slowed.
The MBS Highway National Housing Index dropped 9 points in July 2024 to 44, as buyer activity levels fell across the nation. We’re well into summer, but 7% mortgage rates and still-rising home prices have put a winter chill on transaction volumes.
The MBS Highway National Housing Index dropped 5 points in June 2024 to 53. This was the second straight monthly decline during what is typically the high season for residential real estate. Stubbornly high (>7%) mortgage rates were to blame.
The MBS Highway National Housing Index dropped 1 point in May 2024, as an over 50 basis point jump in mortgage rates during April negated the normal seasonal upswing in activity. Home prices, however, remained in expansion territory (above 50) in all regions.
The MBS Highway National Housing Index rose 3 points in April 2024, resuming its upward trajectory after a brief pause in March.
The strong, upward trajectory the MBS Highway National Housing Index experienced over the prior three months paused in March 2024, as mortgage rates reversed course and moved back above 7%. There was significant regional variation, however.
February 2024 witnessed a massive increase in the MBS Highway National Housing Index, which rose 13 points to 55 (from 42 in January 2024). This was driven primarily by a 16 point jump in the Buyer Activity sub-index (from 33 → 49). While part of this increase is normal seasonality, there is little doubt that buyers have been reenergized by lower mortgage rates, slightly higher inventory, and the prospect of Fed rate cuts ahead.
The MBS Highway National Housing Index jumped to 42 in January 2024, from 34 in December 2023. This was the second straight month of improvement after six months of decline. While normal seasonality is playing a supporting role in the turnaround, the lead actor has been the sharp fall in mortgage rates in late-2023.
Buyer activity recovered somewhat in December, as the recent 1% fall in mortgage rates coaxed some buyers back from the sidelines. Home prices continued to hold up better than transaction volumes. But with lower rates, slightly improved inventory, and spring around the corner, activity levels may have already bottomed.
Buyer activity slowed further as 30-yr mortgage rates climbed briefly above 8%, and the prevalence of price reductions increased. That said, the recent, sharp reversal in mortgage rates in recent weeks, and the continued, unseasonal rise in inventory could improve transaction volumes in the months to come.
Buyer activity continued to slow as 30-yr mortgage rates rose above 7.5%, but competition levels for scarce inventory remained high.
MBS Highway’s September 2023 Housing Survey noted a significant drop in buyer activity levels and the pace of sales compared to August 2023. While this is to be expected due to normal seasonality, 7%+ mortgage rates and low inventory levels have clearly exerted a drag on transaction activity.
MBS Highway’s August 2023 Housing Survey saw nationwide buyer activity levels, upward pricing pressure, and the pace of sales all ease for the third-straight month. This reflects both normal seasonality and the influence of 7%+ mortgage rates and low inventory levels.
July 2023 marked the second month of slowing (but still elevated) levels of buyer activity. With average 30-year mortgage rates moving above 7% during the survey period, and inventory levels failing to grow during the spring selling season, this comes as no surprise. That said, demand remains robust.
MBS Highway’s June 2023 Housing Survey saw a slight pullback in buyer activity — albeit from elevated levels. Higher mortgage rates and low inventory levels are to blame.
MBS Highway’s May 2023 Housing Survey showed that home prices have passed an inflection point and are moving higher. This marks the 5th-straight month of improving activity levels and sentiment.
MBS Highway’s April 2023 Housing Survey showed another solid increase in buying activity as the spring selling/buying season kicked into high gear. This is the 4th-straight month of improving sentiment.
MBS Highway’s March 2023 Housing Survey showed resilient levels of buying activity and an improved pricing environment — despite a +100 bps rise in average 30-year mortgage rates during February 2023.
MBS Highway’s February 2023 Housing Survey showed a significant pick-up in buyer activity. Importantly, this marked the second consecutive month of improvement.
While buyer activity levels nationwide remained subdued (77% of respondents characterized activity levels as ‘Slow’ or ‘Very Slow’), our January 2023 survey showed the first (admittedly slight) improvement in buyer activity since July 2022.
Buyer activity rose from November to December, with 23% of respondents saying that their market is still “steady to very active” versus 19% last month. However, this figure is still well below the 41% reported just three months ago in September.
Buyer activity has slowed for the fifth straight month, with only 19% of respondents saying that their market is still “steady to very active.” Pricing pressure has also moderated; 4% of those surveyed are still seeing “moderate to significant” price increases versus 5% in October and 10% in September. On the flipside, 78% are seeing some degree of price reductions (as compared to 74% in October and 68% in September).
Buyer activity has fallen sharply in recent months, as 29% of respondents in October said that their market is still “steady to very active,” compared to 41% in September and 53% in August. Pricing pressure is also moderating, with 5% of those surveyed seeing “moderate to significant” price increases versus 10% in September and 16% in August.
Activity continued to slow this summer, as 41% of respondents in September said their market is still “steady to very active” versus 53% in August and 66% in July. In terms of pricing pressure, 10% of those surveyed are still seeing “moderate to significant” price increases versus 16% in August and 33% in July.
While there is certainly a slowdown in activity and pricing pressure from July to August, 53% of respondents said their market is still “steady to very active.” In terms of pricing pressure, 16% of those surveyed are still seeing “moderate to significant” price increases versus 33% in July.
The media continues to bash the housing market, with some suggesting that a bubble or crash may be ahead due to waning demand, higher mortgage rates and higher home prices. However, MBS Highway’s latest Housing Index Survey shows that the housing market remains strong and the media has it wrong, again.
