Builder confidence in September jumped to its highest level since October 2015 as reported in the National Association of Home Builders (NAHB) Housing Market Index. The Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months. The survey also asks builders to rate traffic of prospective buyers. All three components moved higher in September from August.
Limited inventory of new and existing homes for sale, solid job creation and low interest rates are fueling demand, according to NAHB chief economist Robert Dietz.
While tight inventory remains a challenge in many areas of the country, the good news is that home loan rates continue to hover in historically low territory. This is helping offset home price increases due to limited supply, and providing great opportunities for people looking to purchase or refinance.
If you have any questions about home loan rates or loan types, please don’t hesitate to contact UCCU Mortgages at (801) 223-7640.