News That Matters

Tag: Department of Housing and Urban Development

Home Construction Dipped Slightly in December | Economy
News

Home Construction Dipped Slightly in December | Economy

New home construction slipped modestly in December as mortgage rates remained high, the Census Bureau and the Department of Housing and Urban Development reported on Thursday.Building permits declined 1.6% from a month earlier, and housing starts were down 1.4%. While the permit numbers came in below estimates, housing starts were better. Still, the numbers were a little better than estimates but still reflect the slowdown in the housing market from the Federal Reserve’s campaign to raise interest rates to arrest inflation. Mortgage rates have doubled in the past year, affecting the affordability of new homes.However, recent improvement in the trajectory of inflation over the past two months and a general slowdown in the economy have brought mortgage rates down by about one point and bu...