Incentives Rise as Builder Confidence Matches 2022 Low

Builder sentiment remains deeply subdued, as the National Association of Home Builders (NAHB) and Wells Fargo’s Housing Market Index (HMI) dipped one point in August to 32—its 16th straight month below the key 50 mark, and matching the lowest level since December 2022. Current sales conditions fell

Multifamily Construction Surge Masks Weaker Building Permit Pipeline

The latest Residential Construction report from the Census Bureau showed a sharp rebound in July, with overall housing starts climbing 5.2% to a 1.428 million annual pace. Multifamily activity led the way, jumping to 470k—its highest level since May 2023—while single-family starts rose 2.8% to 939k.

Refi Demand Surged as Rates Hit Longer-Term Lows

Mortgage application activity surged last week as sharply lower mortgage rates boosted refinance demand and gave purchase applications a modest lift. The Mortgage Bankers Association’s weekly survey showed a 10.9% increase in the seasonally adjusted Composite Index for the week ending August 8, 2025

Falling Rates Spark Modest Rebound in Mortgage Applications

Mortgage application activity rebounded last week as falling rates boosted both purchase and refinance demand. The Mortgage Bankers Association’s weekly survey for the week ending August 1, 2025, showed a 3.1% increase in the seasonally adjusted Composite Index from the prior week. “Mortgage rates m