Macro Insights Weekly - Resiliency of US residential housing market

The US housing market, accounting for 15%+ of GDP, has been resilient through sizeable rise in interest rates. The outlook remains constructive, despite higher-for-longer expectations.
Pandemic-induced disruption to home construction has largely abated.
Housing completion has picked up, offering some relief to tight supply.
Fixed term mortgage rates are high, but hybrid products still offer sub-6% home loans.
US households' debt ratio has declined sharply since the GFC.
Their debt service ratios are also manageable.