U.S. single-family homebuilding rebounded sharply in September, boosted by demand for new construction amid a dearth of previously owned homes, but the highest mortgage rates in nearly 23 years could slow momentum, Reuters reported. Single-family housing starts, which account for the bulk of homebuilding, increased 3.2% to a seasonally adjusted annual rate of 963,000 units last month, the Commerce Department said on Wednesday. Data for August was revised to show starts dropping to a rate of 933,000 units instead of 941,000 units as previously reported. The rate on the popular 30-year fixed mortgage surged in September, averaging 7.31% in the last week of the month, the highest since late 2000, according to data from mortgage finance agency Freddie Mac. Mortgage rates have risen in tandem with the yield on the benchmark 10-year Treasury note, which has spiked to a 16-year high, in part reflecting the economy's resilience.
