Builder Confidence Declines in August Due to Mortgage Rates and Inflation
After steadily rising for seven consecutive months, builder confidence retreated in August as rising mortgage rates, nearing 7%, and stubbornly high shelter inflation have diminished housing affordability and put a damper on consumer demand.
Builder confidence in the market for newly built single-family homes in August fell six points to 50, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI).