Hous­ing starts rose in Feb­ru­ary despite high­er mort­gage rates

Housing starts rose in February despite higher mortgage rates

The num­ber of hous­ing starts ticked up in Feb­ru­ary despite pres­sure from high mort­gage rates, good news for a mar­ket that has seen tur­moil the past few years.
Hous­ing starts, the change in the num­ber of new res­i­den­tial build­ings that began con­struc­tion, rose 10.7% from Jan­u­ary to this past month, accord­ing to a Tues­day morn­ing report from the Cen­sus Bureau.
They are now at a sea­son­al­ly adjust­ed annu­al rate of 1.52 mil­lion. From Feb­ru­ary 2023, they increased by 5.9%.
The rate of new per­mits to build, which are seen as a proxy for future con­struc­tion, was 2.4% above the rate in Feb­ru­ary of last year.
As of this week, the aver­age rate on a 30-year, fixed-rate mort­gage was 7.11%, accord­ing to Mort­gage News Dai­ly, which tracks dai­ly changes in rates. That is down …