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Builder Confidence Dips as Industry Gauges Market Conditions

Builder confidence continues to falter, with the national Housing Market Index (HMI) falling to 32, a 29% drop year over year. Confidence in the Western U.S. remains especially low, with an HMI of just 22. The HMI, based on a monthly NAHB survey, reflects how builders view current and future conditions in the single-family housing market.

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November Mortgage Rates Fall to Lowest Level in Over a Year

Mortgage rates continued to trend lower in November, with the 30-year fixed-rate mortgage (FRM) averaging 6.24% — the lowest level in over a year — while the 15-year averaged 5.51%. Rates remain down compared to a year ago, and the month also saw a slight uptick in the 10-year Treasury yield and ongoing market uncertainty reflected in the wider mortgage–Treasury spread.

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By MBAKS Senior Policy Analyst Allison Butcher

The Washington unemployment rate for August showed some improvement on a monthly basis, moving to 8.5%, compared to 10.2% the previous month. The Seattle/Bellevue/Everett unemployment rate fell from 8.2% in July to 7.4% in August. Twelve months ago the unemployment rate in Snohomish County was 3.0%, and 2.7% in King County. The August 2020 Monthly Employment Report marks the sixth month since the impacts of COVID-19 started showing up in the local labor market.

The Builder's Bulletin is intended to provide a convenient way to track housing in our market and includes information from the Northwest Multiple Listing Service, State of the Cities Data Systems, Office of Financial Management, and the Washington State Employment Security Department.

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