Housing market resilient in face of rising interest rates

Mortgage applications for home purchase held up in January, even as mortgage rates resumed their upward trend. However, inventory shortages are weighing on home sales. The number of existing single-family homes for sale hit a 20-year low in December. Tight market conditions have helped single-family building permits reach a nine-year high. But it will take time for inventory levels to rise, underpinning house prices in the meantime.