Mortgage Rates Stage Decent Recovery of Post-Fed Losses

Builder sentiment slipped again in June as elevated mortgage rates , higher material costs and ongoing affordability pressures continued to weigh on the housing market. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) fell two points to 35 , marking the 14th straight month the index has remained below 40. The latest reading underscores how far confidence remains from more durable levels. A streak that long below 40 has not been seen since 2011-2012 , when the market was still dealing with the fallout from the foreclosure crisis. All three major components of the index were either lower or unchanged. Current sales conditions slipped two points to 38 , while sales expectations over the next six months held steady at 45 . Traffic of pr