February 22, 2024

Homebuilders step up construction of single-family homes as 30-year mortgage rate eases below 7% | News

LOS ANGELES — Homebuilders are stepping up construction of single-family homes following a steady decline in mortgage rates and broad expectations among economists that home loan borrowing costs will ease further next year.

Builders broke ground on single-family homes in November at a seasonally adjusted annual rate of about 1.14 million units, the Commerce Department reported this week. That’s an 18 percent jump from October and a 42.2 percent increase from November last year. It also marks the fastest pace for single-family housing starts since April 2022.

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