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US Homebuilder Sentiment Declines to Lowest Level This Year
US homebuilder sentiment fell to the lowest level this year in November as high mortgage rates kept a lid on housing demand. The National Association of Home Builders/Wells Fargo gauge decreased six points to 34 this month, according to data out Thursday. That was lower than all estimates in a Bloomberg survey of economists. High mortgage rates have pummeled the housing market this year, worsening an affordability crisis that’s pushed out many prospective buyers. However, Treasuries have rallied in recent weeks on speculation that the Federal Reserve is done raising interest rates, which has caused borrowing costs ... (full story)