Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.37 percent — an increase of 0.05 percentage points from the week prior.
Rising permits and housing starts suggests a more healthy U.S. economy.
According to a joint release from the U.S. Census Bureau and the Department of Housing and Urban Development, Housing Starts rose 3.6% in October 2012, climbing to a seasonally-adjusted, annualized rate of 894,000 units.
According to the U.S. Census Bureau, on a seasonally-adjusted, annualized basis, Single-Family Housing Starts rose to 603,000 last month, an 11 percent increase from the month prior and the highest reading in more than 4 years.
Mortgage markets improved for the second consecutive week last week as demand for U.S. mortgage-backed bonds remained high.
Wednesday, the U.S. Census Bureau reported Housing Starts for single-family homes up 5.5 percent in August to a seasonally-adjusted, annualized count of 535,000 units nationwide.
Single-family housing starts were above 500,000 for the fourth straight month in July, a mark not met since the federal home buyer tax credit of 2010.
New construction housing is in a post-recession rally.
Sometimes, the housing data headlines tell just half the tale. May’s Housing Starts figures are proving to be a terrific illustration.
The new construction housing market continues to improve.