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The Purchase Index, deemed a leading indicator for home sales, rose 3% week over week on a seasonally adjusted basis.

Existing home sales were down 1.7% over the previous month, and the median home price rose to $434,100, a near record high.

Mortgage rates moved higher last week, causing buyers to pull back, but refinancing did see small gains.

Rising rates are weighing on the housing market, and the uncomfortable levels above 6% might be here for the medium term, one analyst says.

Explore current mortgage rates and what they mean for home buyers ...

Mortgage rates have remained elevated after the average rate on a 30-year loan briefly dropped below 6% in February for the first time since late 2022.

The average long-term U.S. mortgage rate rose for a fifth consecutive week to its highest level in just over a year, marking ...