As Mortgage Rates Topped 7%, US Building Permits Stagnant In July

July’s housing data disappointed as Housing Starts slightly rose by 3.9% MoM, offset by a stark June downward revision. Building Permits barely increased, underperforming expectations with multi-family units at their lowest since Oct 2020. Meanwhile, despite a lag in Housing Starts, Construction Jobs remain near their 2022 peak. Additionally, mortgage rates have hit their highest since Dec 2001, further dampening home purchase applications.