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As the pandemic makes its way across the U.S. and rattles the stock market, homebuilders are reporting uneasiness. The National Association of Homebuilders and Wells Fargo Housing Market Index shows that homebuilder sentiment declined by two points in March to a reading of 72. This is the second consecutive monthly decline.
Overall, sentiment remains high as any reading over 50 is generally considered to be positive. Despite the decline in March based on the current uncertainties about the future of the economy, low mortgage rates are expected to keep demand for housing high with many looking toward the summer months when the outbreak has hopefully passed its peak.
Meanwhile, mortgage rates remain near historic lows with conforming no-point 30-year fixed mortgage rates averaging 3.5 percent and 15-year rates are near 2.875 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.