As mortgage rates fall, homebuilders are feeling good about the housing market again
CNN
Homebuilder confidence improved in December as mortgage rates continued to fall, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Monday.
Homebuilder confidence improved in December as mortgage rates continued to fall, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Monday. Builder confidence in the market for newly built single-family homes rose for the first time in four months, climbing to 37 on the index, amid lower mortgage rates and improved economic data that have builders feeling more optimistic heading into 2024. The monthly index looks at current sales, buyer traffic and the outlook for sales of new-construction homes over the next six months. Builder sentiment began dropping in August, and in September the index dropped below the break-even measure of 50 and has been there since. “The housing market appears to have passed peak mortgage rates for this cycle, and this should help to spur homebuyer demand in the coming months, with the HMI component measuring future sales expectations up six points in December,” said Robert Dietz, chief economist at NAHB, in a statement. This is a developing story and will be updated.
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