Average rates for 30-year mortgages are at their lowest level in nearly three years, Freddie Mac said Thursday. The National Association of Home Builders also reported Thursday that builder confidence in the market for new single-family homes rose in August and said demand for homes, particularly at lower price points, is strong.
Home builders have struggled to keep up with demand, as the tight job market has created labor shortages, raised labor costs and prolonged construction. Tariffs on Canadian lumber and certain Chinese materials, like quartz and granite, have also made building materials more expensive.
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