No buyers, higher costs: US homebuilder confidence hits 14-year low

What happened: US homebuilder confidence fell in October to its lowest level in more than 14 years, per the NAHB/Wells Fargo Housing Market Index, as mortgage rates, materials costs and labour shortages weighed on the market. Key numbers: Index fell three points to 29, weakest since June 2012 and below the Reuters forecast of 31. Average 30-year fixed mortgage rate reached 7.40% last week. Why it matters: Builders are holding back on new single-family projects amid a growing stock of unsold homes, and affordability has become a central economic concern ahead of the November 3 midterms.

US homebuilder confidence fell in October to its lowest level in more than 14 years, per the NAHB/Wells Fargo Housing Market Index, as mortgage rates, materials costs and labour shortages weighed on the market.

Builders are holding back on new single-family projects amid a growing stock of unsold homes, and affordability has become a central economic concern ahead of the November 3 midterms.