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US:  Homebuilder confidence rises on lower mortgage rates - Wells Fargo

The NAHB/Wells Fargo Housing Market Index climbed two points in January, “as a significant decline in mortgage rates helped to reverse the prior two months’ 12-point plunge”, explained analysts at Wells Fargo. 

Key Quotes: 

“Builder confidence slightly exceeded expectations, rising two points to 58. The housing market has received a much needed reprieve from higher mortgage rates, which peaked near 5% in mid-November but have since fallen to below 4.5%. 

“The ongoing government shutdown will most likely prevent the release of new housing starts and permits data for December, originally scheduled for release tomorrow. Still, forward looking indicators suggest a modest improvement for housing, which we expect to continue through 2019.”


 

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