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September 01, 2020 1:43pm
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Homebuilder sentiment plunges again amid spike in mortgage rates

Sentiment among U.S. homebuilders unexpectedly fell into negative territory in September as high mortgage rates weighed on consumer demand for new homes.

Confidence among builders in the U.S. housing market unexpectedly plunged in September for the second straight month as a spike in mortgage rates continued to weigh on consumer demand for new homes.

The National Association of Home Builders/Wells Fargo Housing Market Index, which measures the pulse of the single-family housing market, fell five points to 45, the lowest reading since April 2023. 

Any reading below 50 is considered negative. 

"High mortgage rates are clearly taking a toll on builder confidence and consumer demand, as a growing number of buyers are electing to defer a home purchase until long-term rates move lower," said Robert Dietz, chief economist at NAHB.

This is a developing story. Please check back for updates.

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