"High Mortgage Rates Sink Homebuilder Confidence to 7-Month Low"
TL;DR Summary
High mortgage rates averaging 6.92% in June continue to dampen builder confidence, with the NAHB/Wells Fargo Housing Market Index for single-family homes dropping to 42 in July. Despite this, builders expect mortgage rates to decrease later this year as inflation shows signs of easing. The survey also noted that 31% of builders cut home prices in July, while sales incentives remained steady. Regional HMI scores saw declines across all regions.
- High Mortgage Rates Continue to Hold Back Builder Confidence National Association of Home Builders
- US Homebuilder Sentiment Declines for a Third Straight Month Bloomberg
- US NAHB housing market index 42 vs 43 expected ForexLive
- Builder-confidence index falls to seven-month low MarketWatch
- Elevated mortgage rates drive homebuilder confidence downward Inman
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