Builder confidence rises due to falling mortgage rates

National Association of Home Builders (NAHB) chairman says housing demand is likely to increase in the coming months

Builder confidence for newly built single-family homes is rising due to falling mortgages, according to the latest National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The HMI rose 2 points in January to 58 on an index that grades any score above 50 as builders viewing conditions more good than poor. Last month, the HMI hit a three-year low.