U.S. homebuilding fell less than expected in January while permits surged to a n...
WASHINGTON - U.S. homebuilding fell less than expected in January while permits surged to a near 13-year high, pointing to sustained housing market strength amid lower mortgage rates.
Data for December was revised up to show homebuilding rising to a pace of 1.626 million units, the highest level since December 2006, instead of surging to a rate of 1.608 million units as previously reported. The housing market remains on solid footing, supported by the lowest mortgage rates in more than three years. Though housing accounts for about 3.1% of gross domestic product, it has a giant footprint on the economy.
The 30-year fixed mortgage rate is at an average of 3.47%, the lowest since October 2016, according to data from mortgage finance agency Freddie Mac. The Federal Reserve cut interest rates three times in 2019 and has signaled monetary policy could remain unchanged at least through this year.
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