Tag Archives: National Association of Home Builders (NAHB)

With mortgage rates continuing to edge closer to the 8% mark, home builders have reduced home prices in order to boost sales. Just how many reported cutting home prices in October? We’ve got the answers.

“Incoming data shows that the construction of new homes rebounded in September, but as rates keep rising, home builders appear to be losing confidence,” said Freddie Mac Chief Economist Sam Khater. Check out the data and further insights after the link.

With mortgage rates averaging 40 basis points higher than one month ago, overall mortgage application volume deviated from the norm and rose slightly week-over-week, led by an increase in ARM volume.

Month-over-month, HUD and the Census Bureau reported an 8.7% drop-off in new home sales in August, with sales impeded by mortgage rates over the 7% mark.

Mortgage rates gained just one basis point week-over-week according to Freddie Mac, marking the sixth consecutive week that the 30-year rate exceeded the 7% mark, pushing down home builder sentiment nationwide.

An analysis of U.S. Census Bureau data has found that the average square footage of a house in America is at its lowest point since 2010. 

The MBA reports a 4.2% week-over-week slide in overall mortgage application volume, with apps for home purchase mortgages falling to levels last reported in April of 1995, as rates shot up to the 7.30% range.

After seven straight months of positive sentiment in builder confidence, mortgage rates exceeding the 7% mark, as well as high shelter inflation, have eroded housing affordability and put a damper on consumer demand.

A new Zillow survey reveals that 80% of mortgage holders report having a rate of less than 5%, as over time, homeowners will come to terms with higher rates as commonplace.

Freddie Mac reports mortgage rates still in excess of the 6.75% mark, as home buyers are increasingly turning to new construction to secure a home, and home builders are responding by picking up the rate of construction.