From Yahoo Finance · · 1m
US Housing Starts Rise, Permits Drop
US single-family housing starts rebound in August as mortgage rates surge.
In brief
US single-family housing starts rebound in August as mortgage rates surge. US single-family housing starts rose 7.6% to 918,000 units in August but building permits fell 1.8% to 878,000 units amid rising mortgage rates. Originally reported by Yahoo Finance.
US housing starts rebound
US single-family housing starts jumped 7.6% to a seasonally adjusted annual rate of 918,000 units in August.
Building permits fall
Single-family building permits fell 1.8% to a rate of 878,000 units in August.
Mortgage rates surge
The average rate on a 30-year fixed-rate mortgage was 6.76%, the highest level in more than a year.
Fed raises rates
The Fed's overnight benchmark interest rate was raised by a quarter of a percentage point to the 3.75%-4.00% range.
Home builders sentiment drops
National Association of Home Builders survey showed sentiment slumped to a one-year low in September.
Housing starts decline
Overall housing starts fell 2.6% to a pace of 1.275 million units in August.
The essence
US single-family housing starts rose 7.6% to 918,000 units in August but building permits fell 1.8% to 878,000 units amid rising mortgage rates.
