Single Family Market Update: Rates Hit 6.01%, Refi Window Opens, Builder Costs Improve, Rent Growth Slows (2026.02.21)
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概要
- Mortgage rates fell to 6.01%, lowest level since early January and near three-year lows
- Refinance applications jumped 7% week-over-week and are up 132% year-over-year, signaling active borrower response
- Purchase applications declined modestly, though VA purchase activity rose
- Current rate environment presents refinance opportunity for DSCR and bridge loans originated at higher 2023–2024 rates
- Single-family housing starts declined 6.9% year-over-year in 2025, reflecting continued builder pullback
- Builder confidence slipped again, though share of builders cutting prices declined month-over-month
- Acquisition, development, and construction loan rates dropped to 7.61% in Q4, lowest since 2022
- Builder financing costs improving even as sentiment remains soft, creating selective competition in builder-heavy markets
- Housing inventory continues building into spring while price reductions remain elevated
- Single-family rent growth slowed to 2.7% year-over-year, with rent affordability improving to four-year highs
- Rental yield compression tightening DSCR underwriting and reducing margin for BRRRR refinance assumptions
- Construction wage growth stabilizing alongside lower financing costs, improving cost structure for ground-up and heavy rehab projects
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