Builder Confidence Remains Resilient Despite Rising Rates

Builder Confidence Remains Resilient Despite Rising Rates

Mortgage rates may be at the highest levels in more than 3 years, but the housing market has yet to show visible signs of distress.  April's release of the NAHB/Wells Fargo Housing Market Index (HMI) is the latest data supporting that thesis. The headline HMI number is functionally equivalent to builder confidence, and while it is down slightly from the previous month's reading, it remains in historically high territory.  Both the HMI and the "buyer traffic" index remained higher than at any other time before the covid-driven real estate boom. While the 6 month outlook is not flying quite as high, unlike the other HMI components, it actually improved from last month. None of the above is to suggest that housing is immune from current concerns.  Indeed, the rapid pace