Rising Mortgage Rates and Weak Demand Push Single-Family Construction Lower
Construction of single-family homes in the United States weakened again in June, highlighting the continued struggles facing the housing market as elevated mortgage rates, rising construction costs and soft buyer demand discourage new development. The latest Commerce Department data show that homebuilders remain cautious despite a persistent nationwide housing shortage, with both new construction and […]
Higher Mortgage Rates Threaten to Slow an Already Weak Housing Season
Mortgage rates have risen to a one-month high, creating new pressure for buyers during what is usually the most important season for the U.S. housing market. The average rate on a 30-year fixed mortgage rose to 6.37%, up from 6.30% the previous week, according to Freddie Mac. That may appear like a small weekly move, […]
