U.S. homebuilders' outlook brightens despite higher rates

08/15/2013 | Bloomberg

Although mortgage rates are on the rise, the confidence of U.S. homebuilders is up, reaching its highest level since the prerecession years. The National Association of Home Builders/Wells Fargo index registers at 59 this month, up from a revised 56 in July and well above the neutral 50 level. "Even though we expect some moderation in sales, the demand for new homes remains quite buoyant," said Millan Mulraine, director of U.S. rates research at TD Securities USA.

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