“Mortgage rates have increased sharply thus far in 2022 but have fallen 24 basis points over the past two weeks, with the 30-year fixed rate at 5.74 percent. Rates are still significantly higher than they were a year ago, which is why applications for home purchases and refinances remain depressed. Purchase activity is hamstrung by ongoing affordability challenges and low inventory, and homeowners still have reduced incentive to apply for a refinance." --Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting.

Real estate and land use professionals can address challenges associated with drought and limited freshwater availability by prioritizing water conservation, efficiency and reuse, according to a report from the Urban Land Institute.