Lower interest rates stabilize builder confidence
The recent half-point drop in rates is predicted to bouy the housing market going into 2019.
Buoyed by falling mortgage rates, builder confidence in the market for newly-built single-family homes rose two points to 58 in January on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).
“The gradual decline in mortgage rates in recent weeks helped to sustain builder sentiment,” said NAHB Chairman Randy Noel. “Low unemployment, solid job growth and favorable demographics should support housing demand in the coming months.”
“Builders need to continue to manage rising construction costs to keep home prices affordable, particularly for young buyers at the entry-level of the market,” said NAHB Chief Economist Robert Dietz. “Lower interest rates that peaked around 5% in mid-November and have since fallen to just below 4.5% will help the housing market continue to grow at a modest clip as we enter the new year.”
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Source: NAHBnow.com
CONTRACTOR SUPPLY MAGAZINE
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