The National Association of Home Builders (NAHB) blamed high interest for lagging new home sales and the resulting dampened industry confidence in building them. NAHB chief economist Robert Deitz said mortgage rates averaged 6.92 percent last month and rates for construction and development loans were also elevated. The NAHB/Wells Fargo Housing Market Index (HMI), an indicator of home builders’ confidence in the market for newly constructed homes, was down 1 point in July to 42, the lowest reading since last December. Derived from a monthly survey that NAHB has been conducting for more than 35 years, the NAHB/Wells Fargo HMI gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores for each component are used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor. The HMI index charting current sales conditions in July fell 1 point to 47 and the gauge charting traffic of prospective buyers also declined by a single point to 27. The component measuring sales expectations in the next six months increased 1 point to 48. Deitz said that, while buyers seem to be waiting for lower interest rates, the six-month sales expectation for builders moved higher, indicating that builders hope for lower rates later this year as inflation data are showing signs of easing.

July 16, 2024 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Jul 16, 2024 Mortgage Rate Winning Streak Finally Ends, But Just Barely Tue, Jul 16, 2024 4:00PM When is a defeat not really a defeat?  Mortgage rates have an idea.  They're fresh off an incredibly rare 8 day winning streak that took the average 30yr fixed rate to the lowest levels in 5 months AND well under the 7% mark for top tier scenarios. Contrast all that gloriousness to today's performance which saw the average inch higher by a mere 0.03%.  On any recent day before last Friday, we'd still be at 5 month lows.  It would be just as fair to say rates are "holding their ground near 5 month lows" in the bigger picture. This wasn't necessarily destined to be the case... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 Bonds Shake Off Retail Sales Impact to End Stronger Tue, Jul 16, 2024 4:16PM Bonds Shake Off Retail Sales Impact to End Stronger This morning's Retail Sales data may have been right in line with forecasts at the headline level, but components of the report were much stronger than expected.  As such, the initial sell-off made logical sense, or at least it was able to be explained in hinds... (read more) MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 1:10PM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 1:10PM EST Other News Rates Continue to Depress Builders as Well as Sales Tue, Jul 16, 2024 3:09PM The National Association of Home Builders (NAHB) blamed high interest for lagging new home sales and the resulting dampened industry confidence in building them. NAHB chief economist Robert Deitz said mortgage rates averaged 6.92 percent last month and rates for construction and development loans were also elevated. The NAHB/Wells Fargo Housing Market Index... (read more) Rent Cap Response, AI, DSCR Tools, CFPB Townstone Case, Capital Markets Tue, Jul 16, 2024 11:29AM The percentage of refinances of overall volume has fallen dramatically from a few years ago, leaving purchases to be the basis of business out there. Lenders are asking themselves, “How’s our non-owner product?” Investor buyers accounted for 15 percent of home purchases in the first quarter of 2024, the highest share in the data’s history. The number of inve... (read more) Latest Video It's time for bonds, says Goldman Sachs' Lindsay Rosner Homebuilder sentiment at the lowest level since December 2023 Powell's comments were a 'victory lap speech,' says Jeffries' David Zervos Retail sales unchanged in June, better than expected Around the Web CNBC Traders see the odds of a Fed rate cut by September at 100% Marketwatch Traders pivot back to multiple rate-cut view, reviving one of 2024s biggest trading themes CNBC Here are 6 buying categories cheaper today than they were before the pandemic Marketwatch Nearly a third of home sellers are cutting prices as housing supply balloons in these areas CNBC Powell indicates Fed won't wait until inflation is down to 2% before cutting rates Calculated Risk Blog 3rd Look at Local Housing Markets in June CNBC These are America's 10 best states for buying and selling a home in 2024, with a big caveat at No. 1 CNBC 'Rentvesting' can be 'a good way to get into the property market,' economist says. Here's how it works CNBC Treasury yields fall as investors digest Powell comments Calculated Risk Blog Retail Sales Unchanged in June CNBC Watch Fed Chair Jerome Powell's remarks on interest rate policy and the economy CNBC Deutsche Bank criticized by German regulator for financial reporting error Calculated Risk Blog NAHB: Builder Confidence Declined in July

© 2026  Mortgage News Daily, LLC. | 19701 Bethel Church Rd. | Cornelius, NC 28031 Interest rates displayed are national averages and for informational purposes only. Actual rates from lenders may vary based on several factors including, but not limited to, credit worthiness, ability to replay, credit score, down payment, loan term, etc. This email was sent to: [recipientemail]. Go here to UNSUBSCRIBE from this email.