The Northeast suffered the sharpest decline in activity in March as mortgage rates brush 7% for a 30-year fixed rate loan.
The pace of new construction slowed in March, as housing starts fell by 14.7% from a month earlier and permits dropped by 4.3%.
The biggest slowdown came in the Northeast region of the country, suggesting weather may have played a part in the monthly decline. Still, it comes as mortgage rates are brushing 7% for the benchmark 30-year fixed rate loan.
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