Posted 2/15/2024, 7:24:13 PM
Homebuilder Confidence Rises on Falling Mortgage Rates and Increased Buyer Interest
- Builder confidence is up due to potential interest rate cuts and more homebuyer interest
- Mortgage rates hit 8% in October 2022, slowing the market, but have since fallen to near 7%
- Falling rates are expected to boost home demand and builder confidence
- Builders forecast 5% more single-family housing starts this year due to expected rate cuts
- Lot availability and labor shortages could potentially slow market growth