Rates Hit Highest Level Since May

The average rate on 30-year mortgages rose to 7.04% from 6.93% last week. Borrowing costs on 15-year fixed-rate mortgages increased to 6.27% from 6.14%.

Builder Confidence Edges Up

The latest HMI survey revealed that 30% of builders cut home prices in January, with that share remaining stable between 30% and 33% since July.

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