US: NAHB Housing Market Index improves to 62 in February vs 59 expected

"Builder confidence in the market for newly-built single-family homes rose four points to 62 in February, according to the latest NAHB/Wells Fargo Housing Market Index (HMI)," the National Association of Home Builders reported on Tuesday.

Key takeaways from the press release

• Ongoing reduction in mortgage rates in recent weeks coupled with continued strength in the job market are helping to fuel builder sentiment.
• February marked the second consecutive month in which all the HMI indices posted gains.
• The five-point jump on the six-month sales expectation for the HMI is due to mortgage interest rates dropping from about 5% in November to 4.4% this week.