After ending 2018 in a serious slump, demand for housing is suddenly soaring again, thanks to a drop in mortgage rates that could be temporary.
Still, spring has sprung early, as buyers hope to get a quick deal before rates turn higher again.
The average rate on the 30-year fixed mortgage rose throughout much of 2018, hitting a recent peak in November at just more than 5 percent. Rates had been in the 3 percent range throughout 2016 and 2017, which helped produce the run-up in home prices.
When rates began rising again last year, the combination of high prices and higher rates took its toll on sales, which fell sharply in the second half of last year to the lowest level in several years.
But mortgage rates began to slide again in November, falling back even more dramatically in December, when the stock market sold off and the government was on the verge of what would become the longest shutdown ever. That drop in rates is now suddenly registering with buyers and reinvigorating housing demand.
Read more in CNBC.