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New Home Permits Hit 12-Year High

Mortgage News > New Home Permits Hit 12-Year High
Date: 11/19/2019    New Home Permits Hit 12-Year High

As mortgage interest rates fell, U.S. home builders showed greater confidence in the housing market in October, according to the Commerce Department. New housing starts climbed 3.8% to a seasonally adjusted annual rate of 1.314 million units, the fifth consecutive month of increases. Building permits jumped 5.0% in October to an annual rate of 1.461 million units, the highest level in more than a decade. If October’s increase turns into a trend, it could help ease the shortage of available home supply.

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