Long-Term Mortgage Rates Trigger Housing Starts Increase

Mortgage News from Quicken Loans

This morning the U.S. Census Bureau and the Department of Housing and Urban Development (HUD) announced that for the month of November, privately owned housing starts increased 6.7 percent from October's levels, to a seasonally adjusted annual rate of 1.588 million. This is 25.5 percent below the November 2005 rate of 2.131 million.

"Housing starts bounced back strongly in November after a significant decline in October," said Bob Walters, chief economist of Quicken Loans. "The new home segment is driven by two key factors--low long-term mortgage rates and a growing economy. While the economy is admittedly in flux, as evidenced in the Fed's recent comments, low long-term rates are currently driving consumer demand for new housing. If current rates hold, we should expect to see continued growth in housing starts in 2007."

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Long-Term Mortgage Rates Trigger Housing Starts Increase

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