US home construction up a moderate 3.6% in May
U.S. home construction rose 3.6% in May as builders battled a surge in lumber prices that have made homes more expensive The May increase left construction at a seasonally adjusted annual rate of 1.57 million units, the Commerce Department reported Wednesday.
Construction spending dips 0.8% in February amid bad weather
U.S. construction spending fell in February after several months of steady gains, likely because of unseasonably cold weather and winter storms in the south. (AP Photo/Rogelio V. Solis)WASHINGTON โ U.S. construction spending fell in February after several months of steady gains, likely because of unseasonably cold weather and winter storms in the south. The Commerce Department said Thursday that spending on building projects slipped 0.8% in February, after a 1.2% gain in January. Public construction spending also dropped sharply, declining by 1.7%. Construction spending on homes and apartments has soared more than 21% in the past year, driving all construction spending up 5.3% since the pandemic struck.
US long-term mortgage rates edge higher; 30-year at 3.09%
U.S. long-term mortgage rates continued to edge higher this week as the benchmark 30-year loan stayed above the 3% mark. Rates remain near historic lows, however. (AP Photo/Rogelio V. Solis)WASHINGTON โ U.S. long-term mortgage rates continued to edge higher this week as the benchmark 30-year loan stayed above the 3% mark. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.09% from 3.05% last week. The prospect of massive pandemic aid, following Congressโ recent enactment of the nearly $2 trillion relief package, has helped lift uncertainty about the economic recovery and likely coaxed mortgage rates higher.