New construction projects stagnant
Construction spending during the month of September remained relatively flat, even as demand for new housing developments continues to break records. According to data from the U.S. Census Bureau, total expenditures on new construction projects in September was just 0.3 percent higher than August.
U.S. home builders started construction on new residences at a seasonally adjusted annual rate of 1.42 million units in September. While there hasn’t been much of an uptick in this figure over the last few months, housing starts remain 11 percent higher than they were a year ago.
Permitting for new homes was up more than five percent from August and eight percent from a year ago. Pent-up demand for new housing and low mortgage rates continue to boost the housing sector.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 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.
U.S. home builders started construction on new residences at a seasonally adjusted annual rate of 1.42 million units in September. While there hasn’t been much of an uptick in this figure over the last few months, housing starts remain 11 percent higher than they were a year ago.
Permitting for new homes was up more than five percent from August and eight percent from a year ago. Pent-up demand for new housing and low mortgage rates continue to boost the housing sector.
Today, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 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.