A contractor uses a hammer while working on townhouse under construction at the PulteGroup Metro housing development in Milpitas, California.
David Paul Morris | Bloomberg | Getty Images
Sharply rising mortgage rates are taking their toll on the nation’s homebuilders, as already pricey new construction becomes even less affordable.
Builder confidence in the market for new single-family homes fell 2 points to 77 in April, according to the National Association of Home Builders/Wells Fargo Housing Market Index. Any reading above 50 is considered positive sentiment, but the reading marks the fourth straight month of declines for the index, which stood at 83 in April 2021.
Of the index’s three…