Housing starts edged lower last month as average monthly mortgage rates increased a quarter-point from 6.18% to 6.43% between September and October, according to Freddie Mac.
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New Home Sales Down in November
Elevated mortgage rates acted as a drag on new home sales in November, but with the peak rate cycle apparently in the rear-view mirror, sales are expected to rise as we move into the new year. Sales of newly built, single-family homes in November fell 12.2% to a 590,000 seasonally adjusted annual rate, according to newly released data by the…
Read MoreNew Home Sales Weaken in October
Elevated mortgage rates that averaged 7.62% in October per Freddie Mac, the highest rate since 2000, depressed buyer demand and pushed down new home sales in October. Sales of newly built, single-family homes in October fell 5.6% to a 679,000 seasonally adjusted annual rate, following a notable downward revision in September, according to newly released data by the U.S. Department…
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