US homebuilder confidence rises unexpectedly in October

The National Association of Home Builders' index of the US housing market rose 4 points to 80 points in October, the highest level since November 2020, as customer traffic improved for the second month in a row. The current conditions index rose 5 points to 87 points in October, the highest level since June, and the index, which measures sales expectations for the next six months, rose 3 points to 84 points in October, the highest level since last December.

The Mortgage Bankers Association said that the average 30-year mortgage rate rose to 3.18% in early October, the highest level since last June as interest rates on home loans have already begun to rise.