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What happened: Mortgage rates rose in May, yet home sales surged. Existing home sales jumped 3.2% year-over-year to a seasonally adjusted annual rate of 4.17 million, marking the fastest pace since December. Despite climbing 30-year fixed rates, buyers remained active, with total mortgage application volume only falling 1.6% last week.

Market impact: The housing sector saw increased activity despite rising borrowing costs. Homebuilders like Lennar (LEN) and PulteGroup (PHM) may benefit from robust demand, while mortgage originators like Rocket Mortgage (RKT) could see reduced refinance activity. Higher rates also impact home affordability, potentially driving demand for lower-priced homes.

What to watch next: Keep an eye on the June existing home sales data (release date: July 22) to confirm if buyer demand remains resilient. Additionally, watch the 10-year Treasury yield (a key driver of mortgage rates) as it approaches the 3% level, which could further impact housing market dynamics.