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US construction spending grows 0.8 percent in October to highest level in 4 years

U.S. developers boosted construction spending in October at the fastest pace in more than four years, propelled by a surge in government buildings. The increase suggests the 16-day partial government shutdown didn't slow public projects.

The Commerce Department says construction spending increased 0.8 percent in October to a seasonally adjusted annual rate of $908.4 billion. That's up from September, when spending fell 0.3 percent.

The October pace was the best since May 2009. Spending has increased 5.3 percent in the 12 months ending in October.

A 3.9 percent surge in public buildings drove the October increase. But construction of private homes and commercial projects fell 0.5 percent.

Both the October and September figures were released Monday, after reporting was delayed due to shutdown in October.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.94% up 3.93%  
15 Y Fixed Graph 3.03% -- 3.03%  
30 Y Fixed Jumbo Graph 4.17% up 4.13%  
5/1 ARM Graph 3.33% up 3.27%  
5/1 Jumbo ARM Graph 3.12% up 3.09%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.31%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% dw 5.08%  
$50K Loan Graph 4.48% dw 4.50%  
$75K Loan Graph 4.50% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% dw 2.94%  
36 M Used Graph 3.48% up 3.46%  
48 M New Graph 3.22% dw 3.23%  
48 M Used Graph 3.04% -- 3.04%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% up 0.38%  
1 yr Graph 0.72% up 0.71%  
5 yr Graph 1.50% dw 1.52%  

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