Home Builder Confidence Drops With Rising Rates
June 15, 2009, Writen by: Chris Anderson, Ph.D
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As reported in the Wall Street Journal today, the National Association Of Home Builders confidence poll dropped due to rising interest rates. In reality, rates are still very, very low but they have rebounded off their historical lows of a few weeks ago.
As reported by the WSJ:
A market sentiment index published monthly by the National Association of Home Builders dipped this month. The gauge reflects builder confidence in sales of new, single-family houses.
The drop in the NAHB’s housing market index reported Monday, to 15 from 16 in May, followed two months of increases that had nurtured hopes of a bottom to the housing crisis. Signs have surfaced this spring indicating the worst of the recession is past.
But mortgage rates have climbed in recent weeks, pushed by rising government bond yields. Investors are concerned about inflation because of increased spending in Washington meant to pull the economy out of recession. Freddie Mac data showed the average on a 30-year mortgage loan was 5.59% last week — 73 basis points higher than the average four weeks earlier of 4.86%, an advance that could hurt demand for houses.
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