Appealingly low mortgage rates, which have helped the housing market in so many past economic downturns, are having very little effect on new-home sales so far.
According to last week’s BUILDER Online Poll, 71 percent of respondents say current low mortgage interest rates have not resulted in higher buyer traffic or more sales. That’s not the case for everyone; 19 percent of builders say the lower rates have brought them additional traffic. But only 10 percent say they have sold more homes because of those below-6-percent mortgage rates.
Overall, last week’s poll generated 91 responses.
This week’s question: When will the housing market hit bottom? Cast your vote at www.builderonline.com.