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US home construction drops 9.3 percent in June to rate of 893,000, slowest pace in 9 months

U.S. home construction fell in June to the slowest pace in nine months, a setback to hopes that housing is regaining momentum and will boost economic growth this year.

The Commerce Department says that construction fell 9.3 percent last month to a seasonally adjusted annual rate of 893,000 homes. That was the slowest pace since last September and followed a 7.3 percent drop in May, a decline even worse than initially reported.

Applications for building permits, considered a good indicator of future activity, were also down in June, dropping 4.2 percent to a rate of 963,000 after a 5.1 percent decline in May.

The worse-than-expected June performance reflected a big drop in activity in the South, where construction plunged by 29.6 percent last month.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.93% dw 4.15%  
15 Y Fixed Graph 3.03% dw 3.12%  
30 Y Fixed Jumbo Graph 4.19% up 4.18%  
5/1 ARM Graph 3.27% up 3.19%  
5/1 Jumbo ARM Graph 3.14% dw 3.19%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.32% up 4.30%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% dw 5.08%  
$50K Loan Graph 4.49% dw 4.50%  
$75K Loan Graph 4.51% dw 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% -- 3.46%  
48 M New Graph 3.22% -- 3.22%  
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 0.38% -- 0.38%  
1 yr Graph 0.71% -- 0.71%  
5 yr Graph 1.50% dw 1.52%  

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