A contractor works on a new home under construction in Tucson, Arizona, on Tuesday, Feb. 22, 2022.
Rebecca Noble | Bloomberg | Getty Images
Builder confidence in the market for single-family homes dropped to the lowest level since January, as builders contend with a market dominated by high mortgage rates and costs for financing.
The monthly National Association of Home Builders/Wells Fargo Housing Market Index dropped four points to 40 in October, and September’s read was revised down one point. Anything below 50 is considered negative. This marks the third straight monthly decline in builder confidence.
Builders point squarely to mortgage rates, which are now at a 23-year high. The average…