U.S. homebuilder confidence was back on the rise in December alongside the country’s declining mortgage rates, the National Association of Home Builders/Wells Fargo Housing Market Index revealed Monday.
According to the index, homebuilder sentiment was up to 37 points in December, the first rise in confidence registered in four months.
“The housing market appears to have passed peak mortgage rates for this cycle, and this should help to spur homebuyer demand in the coming months, with the HMI component measuring future sales expectations up six points in December,” said NAHB Chief Economist Robert Dietz.
However, homebuilder confidence still sits 13 points below the index’s 50 point break-even threshold.
