The NAHB housing market rosee to 16 from 14 in April. Housing starts (new homes being built) was at a record love of 12.8%, an 80% decrease since highs in January 2006. Nearly half of April’s decline was in starts of multifamily homes, as single family homes rose a almost 3%.
Mortgage applications rose nearly 3% as well, and are now 47% above 2008 levels. Refinancing made up three quarters (73.6) of the applications.
Freddie Mac reports interest rates of 30-year fixed rates of 4.82.
