In findings released Monday, Bankrate-dot-com revealed that out of 1,000 adults polled last month, more than three in five would prefer to own a home instead of renting, even if mortgage rates jump by more than a full percentage point above their current level. Furthermore, about one in three say they would still consider buying a home if the 30-year fixed average shot up past 10 percent.
One alarming finding in Bankrate's poll was the share of current homeowners who are unsure of what their own mortgage rate is: 35 percent. The company says that could be one reason why so many seem to have ignored the possibility of refinancing under today's low rates.
The Commerce Department said Monday that construction spending rose 0.4 percent month-over-month throughout December to a seasonally adjusted annual rate of $982.1 billion .
Residential construction spending in December turned in a mixed performance, rising 0.4 percent over the previous month to a rate of $355 billion but falling short of year-ago levels by close to 4 percent. Spending was up all around for private residential projects, led by a 1.2 percent month-over-month increase in spending on single-family homes.