The latest report on housing starts shows an upward expansion in growth, likely to continue inspiring mortgage rates to stay low. This is good news for homebuyers looking for reasonably priced mortgages.

The overall number of housing starts in the U.S. increased by 0.3% in March, according to the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Specifically, single-family housing starts increased by 0.4% over the previous month. This puts the seasonally adjusted annual rate at 1.2 million, which is a 6.8% jump from the same time a year ago.

The South saw the largest jumps in housing starts, developing 8.5% higher than the previous month and 21.5% above the year-ago mark. Though overall numbers have increased, the report shows an 8.9% decrease in the number of multi-family starts.

The trends reported in the housing starts report have encouraging implications for potential homebuyers. With fewer people moving in this time, the low rate of inventory is less affected. This means that interest rates should remain steady, offering attractive options when looking to purchase or refinance a home. Low mortgage rates are particularly helpful to first-time buyers, providing them an advantage that could make all the difference when competing in the market.

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