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What’s Ahead For Mortgage Rates This Week – June 25th, 2018
Last week’s economic reports included readings from the National Association of Home Builders, Commerce Department reports on housing starts and building permits issued. Sales of pre-owned homes were reported along with weekly readings on mortgage rates and new jobless claims.
Builder Confidence Slips as Trade Wars Boost Lumber Prices
According to the National Association of Home Builders, home builder confidence in current market conditions was down two points to 68 as compared to May’s index reading of 70. Analysts said that rising lumber prices impacted builder sentiment and have replaced labor costs as builders’ primary expense.
Increased building costs were cited as a concern for builders despite high demand for homes and limited homes for sale. Rising materials costs were attributed to trade wars caused by recent tariffs on lumber.
NAHB said that three components of the Home Builders Housing Market Index were also lower in June. Builder confidence in current market conditions slipped one point to an  index reading of 75; builder confidence in market conditions within the next six months also dropped one point to 76.
Builder confidence in buyer traffic in new housing developments dipped one point to 50. Any reading over 50 indicates more builders than fewer were confident about housing market ... more

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