Confidence among U.S. single-family homebuilders fell for the ninth straight month in September as soaring mortgage rates and persistently high prices for building materials made new housing less affordable for many first-time buyers.
The National Association of Home Builders/Wells Fargo Housing Market index dropped three points to 46 this month. Discounting the plunge during the spring of 2020 when the economy was reeling from the first wave of COVID-19, this was the lowest reading since May 2014. A reading above 50 indicates that more builders view conditions as good rather than poor.Register now for FREE unlimited access to Reuters.
Mortgage rates have surged even higher. The 30-year fixed mortgage rate averaged 6.02% last week from 5.89% in the prior week, breaking above 6% for the first time since November 2008, according to data from mortgage finance agency Freddie Mac.
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