Podcast: A Tale of Two (Very Hot) Cities
In the latest episode of NAHB’s Housing Developments podcast, co-hosts CEO Jim Tobin and SVP Paul Lopez discuss several topics that are divided into the best of times and the worst of times: the economy, Job Corps funding and regulations. Tune in to hear about how new home sales are up in the face of historically-high Fed rates, Congress’ division over appropriations and NAHB’s stance on the Biden administration’s “junk fees” characterization in home building.
The co-hosts also provide information on resources for keeping crews safe while on the job site during this heat wave.
Listen to Housing Developments through your favorite podcast app or watch this episode below.
Latest from NAHBNow
Confidence in the market for new multifamily housing weakened year-over-year in the third quarter, according to the Multifamily Market Survey (MMS) released today by the National Association of Home Builders (NAHB). The MMS produces two separate indices. The Multifamily Production Index (MPI) had a reading of 41, down five points year-over-year, while the Multifamily Occupancy Index (MOI) had a reading of 69, also down five points year-over-year.
On the latest episode of NAHB’s podcast, Housing Developments, CEO Jim Tobin and COO Paul Lopez are joined by Chief Advocacy Officer Ken Wingert to discuss the immediate aftermath of the midterm elections.
Latest Economic News
Mortgage application activity declined in October as the 30-year fixed mortgage rate rose sharply again. The Mortgage Bankers Association’s (MBA) Market Composite Index, a measure of total mortgage application volume, fell 14.1% month-over-month in October on a seasonally adjusted basis. Compared to a year ago, total mortgage applications were 39.8% lower.
In 2025, the majority of homes started featured laundry connections on the first floor (70%), according to the Census’s Survey of Construction. Laundry located on the second floor or higher was the second most prevalent at 27%. The basement, garage, and other locations all had a 1% or lower share.
Mortgage rates rose sharply again in October as the U.S. treasury yields surged. According to Freddie Mac, the 30-year fixed-rate mortgage averaged 7.33% in October, up 47 basis points (bps) from September. The rate reached 7.40% in early October, its highest level since 2023, before easing toward the end of the month.