Builder confidence fell to 29 in October, below the 31 economists expected and the lowest since June 2012, according to the NAHB. The average 30-year mortgage rate has risen to 7.40%, its highest in nearly three years. 43% of builders cut prices in October by an average of 6%, 65% offered sales incentives, and prospective buyer traffic dropped to 18. The author argues that high mortgage rates, rising construction costs, and the Fed's limited control over long-term rates leave builders and first-time buyers squeezed.
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Related tickers and likely impact
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/21/2026 | 773.13 |
| Change that session | +0.53% |
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