After reaching a two-decade high in December, a measure of U.S. home-builder confidence cooled slightly in January. The National Association of Homebuilders released a new report last week that showed the confidence index dipped to 75 in January, down from 76 in December.
Readings above 50 are generally considered to be indicative that home builders view current conditions to be positive. Despite January’s one point drop, this latest reading is still higher than the reading of 74 that economists surveyed by The Wall Street Journal had expected.
Low mortgage rates and a strong job market is keeping demand for new housing high.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.625 percent and 15-year rates are near 3.125 percent.
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