The housing market showed a shift in April after several months of building momentum. The MBS Highway Housing Index pulled back, driven largely by a noticeable drop in buyer activity as mortgage rates moved higher. While pricing hasn’t cracked in a meaningful way, demand clearly softened, signaling that the spring surge may not be as strong or as durable as expected. The bigger story here is how sensitive this market remains to rate movement, and what that could mean for the months ahead.