US Homebuilder Sentiment Tanks Again Amid Spike in Mortgage Rates, Erasing Months of Gains

High US mortgage rates continue to weaken builder confidence this month

A development of new homes in Eagleville, Pa., on Friday, April 28, 2023. Matt Rourke/AP

Homebuilder confidence in the American housing market plunged again in September for the second straight month, shocking most analysts.

This comes amid a spike in mortgage rates, which has weighed on homebuyer demand for new housing.