Builder Confidence Surges In October
Builder confidence in the market for single-family homes surged in
October to the highest level in almost four years, according to the
National Association of Home Builders’ Housing Market Index
(HMI). The HMI rose four points to 72 in October to match the level
recorded in December of 1999.
“The October HMI clearly demonstrates how sensitive the
housing market is to changes in interest rates,” said NAHB
President Kent Conine, a home and apartment builder from Dallas.
“Rates for a 30-year fixed-rate mortgage peaked at an average of
6.44 percent during the first week of September, causing some erosion
of the HMI. By the first week in October, they had dropped back down to
5.77 percent, fueling a rebound in builder sentiment.”
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