Interest Rates

Last week's economic reports included readings on home builder confidence,sales of pre-owned homes and housing starts.  The Commerce Department also issued a report on building permits issued; weekly reports on mortgage rates and first-time jobless claims were also released. Homebuilder Confidence Rises One Point The National Association of Home Builders reported a reading of 68 for October,which surpassed August's reading of 67. Any reading over 50 indicates most home builders are confident about housing market conditions. Builders cited ongoing headwinds including higher prices for materials,shortages of lots and labor and rising mortgage rates. Builders sought ways to provide more affordable…

Last week's economic reports included readings on construction spending and labor reports on public and private-sector job growth. The national unemployment rate was released along with weekly reports on mortgage rates and weekly jobless claims. Construction Spending dips in September, but Residential Construction Spending Rises Construction spending rose 0.10 percent in September, but residential construction spending fell 0.70 percent month-to-month. Construction spending was 4.10 percent higher year-over-year. January through August construction spending was 5.30 percent higher than for the same period in 2017. Analysts estimated a shortage of approximately four million homes; which accentuates demand and drives prices up. In recent…