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    Markets

    Real Estate

    Builder confidence sinks to its lowest since 2012 as mortgage rates reach 7.4%

    The NAHB index fell to 29, deepening the slump in US housing.

    HedgeWeekly News Desk ·

    Confidence among US homebuilders dropped to 29 in October, its weakest reading since June 2012, according to the National Association of Home Builders index released on Monday. A reading below 50 means more builders see conditions as poor than good.

    The slide reflects the cost of borrowing. The average 30-year mortgage rate stands at 7.40%, and markets expect the Federal Reserve to keep raising rates into 2027. That leaves little room for affordability to improve in the near term.

    Housing is one of the parts of the economy most sensitive to rates, and investors will watch housing starts and new home sales later in the month for signs that the weakness is spreading to construction activity.

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