Industry News

Home builders’ confidence holds steady

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Continuing low mortgage rates and improving economic conditions are helping maintain a solid level of builder confidence in the market for new single-family homes, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released today. The November HMI registered no discernible change in builder attitudes following an impressive four-point jump that brought the index in line with its highest level of the year, at 71, in October. The component index gauging current single-family sales rose two points to 79 – its highest level of the year – in November. Meanwhile, the component index gauging sales expectations for the next six months and the component gauging traffic of prospective buyers each edged down two points, to 80 and 50, respectively. "While rates on long-term mortgages have edged up marginally in the last few weeks, the average 30-year loan remains below 6 percent. That's a key factor driving buyer demand right no...