The number of housing starts ticked up in September despite high mortgage rates, the latest mixed signal from the housing market.
"Housing starts rebounded in September, but context is key. Last month's big dip means the bar was low for monthly growth," tweeted Odeta Kushi, the deputy chief economist for First American."Builders are generally feeling more pessimistic." Mortgage rates have been pushed to multiyear highs recently in the wake of the Federal Reserve's campaign to raise interest rates to curb inflation. The average rate on a 30-year fixed-rate mortgage has now hit 7.92%, according to Mortgage News Daily. That number marks the highest level in 23 years.
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