For the first time in seven months, U.S. homebuilders are reportedly feeling pessimistic about the nation’s housing market.
According to the National Association of Home Builders/Wells Fargo Housing Market Index, homebuilder confidence on the single-family housing market fell 5 points in September to 45.
Under the index’s standards, any sentiment below 50 is considered negative.
The declining confidence is tied to rising mortgage rates nationwide, which have pushed U.S. consumers away from making home purchases.
