Housing starts rose in April despite higher mortgage rates

Housing starts rose in April despite higher mortgage rates

The number of housing starts ticked up in April despite pressure from high mortgage rates, a modestly reassuring sign for the health of the economy.

Housing starts, the change in the number of new residential buildings that began construction, rose 5.7% from March to this past month, according to a Thursday morning report from the Census Bureau.

They are now at a seasonally adjusted annual rate of 1.44 million. From April 2023, they fell 2%.

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For permits to build, which are seen as a proxy for future construction, the rate of new permits last month was 2% below the rate in April of last year.

As of this week, the average rate on a 30-year, fixed-rate mortgage was nearly 7%, according to Mortgage News Daily, which tracks daily changes in rates. That is down

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