Builder sentiment remains deeply subdued, as the National Association of Home Builders (NAHB) and Wells Fargo’s Housing Market Index (HMI) dipped one point in August to 32—its 16th straight month below the key 50 mark, and matching the lowest level since December 2022. Current sales conditions fell one point to 35 Sales expectations for the next 6 months remained steady at 43 Buyer traffic ticked up two points to 22 High mortgage rates (hovering around 6.58%), elevated new-home prices, and affordability pressures continue to weigh heavily on builder sentiment. In August, 37% of builders reported price cuts averaging 5%, while 66% offered sales incentives—the highest share seen in the post-COVID era. Affordability and demand remain persistent challenges, and despite slight improvements in buyer traffic, the overall outlook remains weak. Builders are leaning more on incentives than confidence to attract buyers. Regionally, confidence was weakest in the West, where affordability pressures are most acute and sentiment fell to its lowest since late 2022. The South also declined but continues to hover near the national average, while the Midwest held steadier and the Northeast was little changed. The divergence highlights that high-cost markets are bearing the brunt of buyer hesitation, while lower-cost regions remain relatively more resilient.

August 19, 2025 Download our Mobile App: Download our Mobile App: Housing News Incentives Rise as Builder Confidence Matches 2022 Low Builder sentiment remains deeply subdued, as the National Association of Home Builders (NAHB) and Wells Fargo’s Housing Market Index (HMI) dipped one point in August to 32—its 16th straight month below the key 50 mark, and matching the lowest level s... (read more) Housing News Multifamily Construction Surge Masks Weaker Building Permit Pipeline The latest Residential Construction report from the Census Bureau showed a sharp rebound in July, with overall housing starts climbing 5.2% to a 1.428 million annual pace. Multifamily activity led the way, jumping to 470k—its highest level since May ... (read more) MBS Commentary Slow, Steady, Modest Improvement Slow, Steady, Modest Improvement Bonds are in the throes of the summertime "blahs." In other words, excitement and high-conviction trading are in short supply. Instead, prices and yields are drifting in a bro... (read more) Mortgage Rate Watch Mortgage Rates Little Changed From Monday Mortgage rates are based on bonds and bonds, and bonds have some seasonality to them.  This doesn't necessarily mean there's a reliable seasonal pattern for the direction of rate movement.  Rather, it means that several weeks in August tend... (read more) Rob Chrisman AI, SOC, Credit Union, Home Equity Tools; LOs and The HELPER Act; STRATMOR and Verification Trends 14 fonts Apologies first! Yesterday I mistakenly wrote, “ARMs now account for nearly 50 percent of applications…” Thank you again to those who wrote, questioning that stat. I was thinking refis. “Given the relative attractiveness of ARM rates compar... (read more) Mortgage Rates 30 Yr. Fixed Rate 6.62% +0.01% Rate Change Points Mortgage News Daily 30 Yr. Fixed 6.62% +0.01 0.00 15 Yr. Fixed 5.97% 0.00 0.00 30 Yr. FHA 6.22% +0.03 0.00 30 Yr. Jumbo 6.67% -0.01 0.00 7/6 SOFR ARM 6.11% -0.02 0.00 30 Yr. VA 6.23% +0.02 0.00 Updates Daily - Last Update: 8/21 15 Yr. Fixed Rate 5.97% +0.00% Rate Change Points Freddie Mac 30 Yr. Fixed 6.58% 0.00 0.00 15 Yr. Fixed 5.69% -0.02 0.00 Updates Weekly - Last Update: 8/21 Rate Change Points Mortgage Bankers Assoc. 30 Yr. Fixed 6.68% +0.01 0.60 15 Yr. Fixed 5.96% +0.03 0.70 30 Yr. Jumbo 6.64% -0.06 0.60 Updates Weekly - Last Update: 8/20 MBS / Treasuries UMBS 30YR 5.5 100.02 +0.04 Price / Yield Change MBS UMBS 5.5 100.02 +0.04 UMBS 6.0 101.78 +0.02 GNMA 5.5 100.28 +0.05 GNMA 6.0 101.73 +0.02 Pricing as of: 8/22 10:17AM EST 10 Year US Treasury 4.3130 -0.0132 Price / Yield Change US Treasury 2 YR Treasury 3.789 +0.004 5 YR Treasury 3.843 -0.017 7 YR Treasury 4.049 -0.011 10 YR Treasury 4.309 -0.017 30 YR Treasury 4.897 -0.020 Pricing as of: 8/22 10:17AM EST Latest Video Rebecca Patterson: Inflation being higher & stickier changes how the 10Y is... Bonds steady ahead of Jackson Hole summit The Fed needs to be wary of fanning flames of cut expectations, says Roth C... July housing starts rise but permits post decline Around the Web CNBC The senior living market cant keep up with demand as boomers age Calculated Risk Housing Starts Increased to 1.428 million Annual Rate in July CNBC Treasury yields hold steady ahead of the Feds Jackson Hole conference Eye on Housing Builder Confidence Plateaus at Relatively Low Level CNBC Treasury yields dip as traders gear up for Fed minutes Calculated Risk Blog 3rd Look at Local Housing Markets in July Calculated Risk Blog Part 2: Current State of the Housing Market; Overview for mid-August 2025 Calculated Risk Blog Housing August 18th Weekly Update: Inventory Up 0.1% Week-over-week; Down 9.9% from 2019 Levels CNBC How retail accounting could distort profitability as tariffs take effect Calculated Risk Blog Lawler: Early Read on Existing Home Sales in July Calculated Risk Blog DOT: Vehicle Miles Driven Increased 1.5% year-over-year FXStreet Michigan Consumer Sentiment Drops To 58.6; SP500 Tests Session Lows CNBC European markets set to open higher ahead of Trump-Ukraine crunch talks

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