Home construction in the United States fell in April to a five-month low, due to the highest mortgage rates in decades and an ongoing supply crisis that has snarled supply chains, according to a Commerce Department’s Census Bureau report on May 18.
Rising mortgage rates caused by interest hikes by the Fed have contributed to reduced affordability for younger and first-time home buyers.
The Federal Reserve has hiked its policy interest rate by 75 basis points since March, to cool down rising inflation, with the central bank expected to increase rates by 50 basis points each at its next two policy meetings in June and July….