Diana Olick is here.

She's got the details on what happened.

Hey, did hi Hi, Diana.

Morning hand high.

At the same time, it's all good.

It's Wednesday.

Look, mortgage demand took it step back as interest rates flatten.

Last week, total application volume fell 5% for the week, with three fives leading the way down, they fell 7% all, according to the Mortgage Bankers Association.

Now it's likely because the average rate on the 30 year fixed did not move stuck at 3.98% for loans with a 20% down payment, rates were about a full percentage point higher at the same time last year.

Now, mortgage applications to purchase a home were also down 2% for the week but 10% higher than a year ago.

Economists at the MBA and also what Fannie Mae are encouraged by the recent strength and the housing market, especially in new construction.

Mortgage applications to buy a new home are up double digits year over year and this morning, Fanny Mae is revising its 2020 forecast significantly higher.

Researchers at the mortgage giant predict housing starts will ramp up to 10% growth next year and top one million newly built homes in 2021.

Now they're basing that on stronger overall economic grope growth, thanks to a robust labor market and increased consumer spending.

Back to you guys.

Diana, Part of the problem has been that we wouldn't have more housing starts, not because it wasn't people wanted them.

There just wasn't more supply more out there.

What's gonna change between now and then if you're going to see an increase of 10% of war?

Well, what you have is a shortage on the existing home side of very severe shortage, especially on the low end of the market.

And builders were not building that entry level product for the past 10 years because of that crash in the market.

So now you're seeing them start to pivot back to that entry level and the move up a level buyers.

So you're going to see a lot more demand for that new construction and hopefully we'll start to Seymour existing homes come on the market.

But it's really, really tough out there.

If you're looking to buy an older home and you've got to go out more toward that new construction, which is generally not as close into the urban areas that the millennials want.

Toby?

Yes, we got always gotta think about what they want about the millennium.

You have to weigh.

Have to They're here to stay here, to stay.