Despite a small dip in November’s reading, homebuilder confidence is currently at its second highest level of 2019 and 10 points higher than it was last year. The National Association of Home Builders and Wells Fargo’s Housing Market Index fell 1 point this month to a reading of 70. The nation’s low-interests and strong job market are being credited for the index maintaining its high level.
“Single-family builders are currently reporting ongoing positive conditions, spurred in part by low mortgage rates and continued job growth,” NAHB Chairman Greg Ugalde said in a statement. “In a further sign of solid demand, this is the fourth consecutive month where at least half of all builders surveyed have reported positive buyer traffic conditions.”
The component measuring buyer traffic currently sits at 53. Readings over 50 are generally considered to be positive.
Today, conforming no-point 30-year fixed mortgage rates are averaging 3.875 percent and 15-year rates are near 3.375 percent.
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