The NAHB builder sentiment index was published today at a 38, up one point from last month. That’s an improvement, but still 12 points away from 50, which is the quantification of “we’re happy”. Perhaps if the builders weren’t throwing out preferred lender incentives that could buy a new car, they’d cheer up a little bit.
The minutes from the last FOMC meeting will be released this afternoon. We’re expecting to hear about a divided Committee–some in favor of, and some against, a rate cut at their next meeting in three weeks. The individual Governors out on the speaking circuit are not shy about speaking their varied opinions; a departure from the historic tow-the-line unified Market Committee.
Mortgage pricing has been drifting lower over the last three weeks, putting upward pressure on interest rates. However, they appear to have flattened and are poised (hopefully) for a rebound.
