U.S. Builder Confidence Rises Amid Falling Mortgage Rates
Real Estate

U.S. Builder Confidence Rises Amid Falling Mortgage Rates

U.S. home builder confidence increased in September, marking a break from four consecutive months of decline, as mortgage rates fell. The NAHB/Wells Fargo Housing Market Index rose to 41, up from 39 in August, surpassing economists' expectations of 40. This shift indicates the first positive outlook for future home sales since May. Despite the rise, builder confidence remains low, largely due to ongoing construction costs and inflation. The Federal Reserve's anticipated rate cuts are expected to ease mortgage interest rates and reduce costs for land development and construction loans. Notably, the average 30-year fixed mortgage rate has dropped to 6.20%, down from nearly 8% last October. Builder sentiment about sales expectations for the next six months also improved, climbing four points to 53. The easing mortgage rates have allowed builders to reduce price cuts, with the share of those lowering prices falling for the first time since April, and the average price concession dropping below 6% for the first time since July 2022.
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U.S. home builder confidence increased in September, marking a break from four consecutive months of decline, as mortgage rates fell. The NAHB/Wells Fargo Housing Market Index rose to 41, up from 39 in August, surpassing economists' expectations of 40. This shift indicates the first positive outlook for future home sales since May. Despite the rise, builder confidence remains low, largely due to ongoing construction costs and inflation. The Federal Reserve's anticipated rate cuts are expected to ease mortgage interest rates and reduce costs for land development and construction loans. Notably, the average 30-year fixed mortgage rate has dropped to 6.20%, down from nearly 8% last October. Builder sentiment about sales expectations for the next six months also improved, climbing four points to 53. The easing mortgage rates have allowed builders to reduce price cuts, with the share of those lowering prices falling for the first time since April, and the average price concession dropping below 6% for the first time since July 2022.

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Infrastructure Transport

Banihal Bypass Started, Milestone Achieved By NHAI On NH44

The National Highways Authority of India (NHAI) has achieved another milestone on the Jammu-Srinagar four-lane highway after nearly four years of construction. The NHAI has completed the Banihal Bypass, and one side of the bypass was opened for traffic following a post by Union Minister for Road Transport and highways Nitin Gadkari on his official X handle. Traffic has been allowed from Jammu to Srinagar on one tube of the much awaited Banihal bypass.Project head of Banihal bypass from NHAI Kumar Jainendra told Greater Kashmir that the full public cooperation and support from locals was u..

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Infrastructure Transport

Hyderabad: Rs 70 Bn Sanctioned For Road Infra Works

As part of the Hyderabad City Innovative and Transformative Infrastructure (H-CITI) program the state government sanctioned Rs 70 billion for 38 works, including the construction of flyovers, underpasses, and road-over-bridges (ROB) to ease the traffic in various parts of Hyderabad and its nearby municipalities. As part of the Strategic Road Development Programme (SRDP) initiated by the previous BRS government, several flyovers and road infrastructure projects were taken up mostly under the limits of the Greater Hyderabad Municipal Corporation (GHMC). Out of the 42 works under SRDP, 36 projec..

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Infrastructure Transport

India's Second Cable-Stayed Bridge to Be Built In Howrah

Eastern Railways is set to construct India’s second cable-stayed steel deck bridge in Howrah, aimed at easing traffic congestion on the Howrah Bridge. The new bridge will span the existing GT Road route, linking Howrah Station with the Howrah Bridge. The new structure is a response to the rising volume of vehicular traffic, which has been placing significant strain on the 75-year-old Howrah Bridge, leading to regular traffic jams and delays.The new cable-stayed bridge will feature a four-lane design and will measure 134 m in length, an expansion from the existing 60 meters of the Chandmari B..

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