Homebuilder Sentiment Dives To Lowest Since March 2015

The NAHB Homebuilder Sentiment gauge tumbled to the weakest level in more than three years as the combination of rising mortgage rates, persistently rising housing costs, and signs of softness across the housing market continue to weigh on builder optimism. All three index components dipped from last month with buyer traffic dipping to 43. On the regional level, the Northeast suffered a steep decline from 52 to 37, the lowest since March 2015.