April 2026 MBS Highway Housing Index

The MBS Highway National Housing Index fell 5 points in April 2026, dropping from 47 in March to 42. While national price direction remained relatively steady, buyer activity declined sharply, likely reflecting the recent rise in mortgage rates.

National Data

After four consecutive months of improvement, the MBS Highway National Housing Index reversed course in April, declining 5 points month over month to 42. This puts the index 6 points below its level from a year ago. As a reminder, a reading of 50 separates contraction (below 50) from expansion (above 50).

Although we typically see a seasonal pickup in activity during the spring, the recent increase in mortgage rates appears to have slowed that momentum. Buyer activity dropped 11 points month over month to 42, falling back below the 50 threshold and landing 7 points below its year-ago level of 49. Nationwide, 24% of respondents described buyer activity as active, down from 33% in March and 31% a year ago.

Price direction, on the other hand, was relatively stable. It edged up 1 point month over month to 41 but remains 5 points below its April 2025 level of 46. Most respondents (56%) described prices in their markets as steady, while 13% reported increases and 31% reported declines, largely in line with March’s results.

Regional Data

Buyer activity declined in six of the seven regions, with the Mid-Atlantic as the only area to see improvement (+10 to 64). The Southwest (-16 to 39), Southeast (-15 to 32), and Northwest (-12 to 45) all posted double-digit declines. Notably, the Mid-Atlantic is now the only region with a buyer activity reading above 50, compared to five regions in March.

Price direction told a more positive story, with five regions showing improvement. The Northeast saw the largest gain (+11 to 66), giving it the strongest price momentum among all regions. The Midwest (+7 to 57) also posted a solid increase, while the Northwest, Southeast, and Southwest experienced more modest gains. The Mid-Atlantic held steady at 63, and the West recorded a slight decline (-1 to 41).

Question of the Month

With Massachusetts set to vote in November on a proposed statewide cap on rental increases, we asked respondents across the country: How much momentum do measures to create rent increase caps/price controls have in your state or city?

·      None

·      Already have them to some degree

·      Emotive political issue; efforts gaining strength

Overall, 62% of respondents said price control measures are having no impact in their market, while 25% said such measures are already in place to some extent. Just 13% reported that these efforts are gaining momentum.

Regionally, most respondents in the Northeast (44%), Mid-Atlantic (59%), Midwest (68%), Southwest (73%), and Southeast (76%) aligned with the national trend, indicating no impact in their markets.

However, in two regions, the Northwest and the West, more respondents said these measures are already in place to some degree. In the Northwest, 43% reported existing measures (versus 38% citing no impact), while in the West, 45% reported existing measures (compared to 41% citing no impact).