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US housing starts fall in January; Refi Demand Surges; Rates Back Near 2-Week Highs

US housing starts fall in January; Refi Demand Surges; Rates Back Near 2-Week Highs

U.S. housing starts unexpectedly fell in January likely as bad weather disrupted building projects in some parts of the country, in what could be a temporary setback for the housing market. Groundbreaking fell 3.8 percent to a seasonally adjusted annual pace of 1.099 million units , the Commerce Department said on Wednesday. Part of the decline in starts could be attributed to the snowstorms, which blanketed the Northeast last month. December's starts were revised down to a 1.143 million-unit rate from the previously reported 1.15 million-unit pace. Economists polled by Reuters had forecast housing starts rising to a 1.17 million-unit pace last month. The report comes on the heels of a survey on Tuesday showing confidence among homebuilders fell in February amid concerns over "the high cost
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