Despite homebuilder confidence in the toilet (and Pulte’s daily calls alongside Trump for lower rates), US Housing Starts and Permits surprised to the upside in June.
- Housing Starts jumped 4.6% MoM (+3.5% MoM exp), rebounding from May’s 9.7% MoM tumble.
- Building Permits rose 0.2% MoM (-0.5% MoM exp), also rebounding from May’s 2.0% MoM decline.
Although in context, this lifts the Starts and Permits SAAR just barely off the lowest levels since the COVID lockdowns…
A surge in Multi-family unit starts and permits saved the month, while single-family home starts and permits were not pretty…
Will lower Fed Fund rates do anything to lower mortgage rates? Or will the implied curve steepening further crush affordability? Dear Mr. Trump, be careful what you wish for.
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Author: Tyler Durden, Zero Hedge
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