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Homebuilder sentiment continues downward spiral amid spike in mortgage rates

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Confidence among builders in the U.S. housing market plunged to the lowest level since January 2023 as stubbornly high mortgage rates weighed on demand.

Confidence among builders in the U.S. housing market plunged for the third straight month in October as a spike in mortgage rates continued to weigh on consumer demand for new homes. The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell five points to 40, the lowest reading since January 2023. The decline followed a five-point drop in September. Any reading below 50 is considered negative.

Rates on the popular 30-year fixed mortgage are currently hovering around 7.57%, according to Freddie Mac, well above the 6.92% rate recorded one year ago and the pre-pandemic average of 3.9%. It is the highest level in more than two decades. GET FOX BUSINESS ON THE GO BY CLICKING HERE Sentiment fell across the board in all four regions in the U.S.

 

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