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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