US New Home Sales Surged In March As Mortgage Rates Tumbled, But...

New home sales soared 7.4% MoM in March (dramatically better than the +1.3% MoM expected), lifting sales up 6.0% YoY...

But...

While new home sales soared amid the tumbling mortgage rates, April has seen rates surge back up to 7.

And if confirmation was needed, the more timely 'mortgage applications' data shows a major plunge in the last two weeks...

...and if you're hoping for lower rates to keep the American Dream alive, that will likely come at the cost of a recessionary environment... 

...not exactly a great background for homebuyers, whose sentiment already languishes at record lows...