Sign in to comment!

Menu
Home

ECONOMY

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 3.90% up 3.89%  
15 Y Fixed Graph 2.96% up 2.93%  
30 Y Fixed Jumbo Graph 4.27% up 4.23%  
5/1 ARM Graph 3.19% up 3.11%  
5/1 Jumbo ARM Graph 3.84% up 3.71%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.41% up 4.38%  
$50K HELOC Graph 4.07% up 4.06%  
$30K Loan Graph 4.55% -- 4.55%  
$50K Loan Graph 4.21% up 4.20%  
$75K Loan Graph 4.21% up 4.20%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 3.08% -- 3.08%  
36 M Used Graph 3.29% dw 3.30%  
48 M New Graph 3.06% -- 3.06%  
48 M Used Graph 2.96% -- 2.96%  
60 M New Graph 3.13% -- 3.13%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.37% up 0.36%  
1 yr Graph 0.61% -- 0.61%  
5 yr Graph 1.44% dw 1.48%