Homebuilder sentiment was unchanged in November as builders waited for the election result

The National Association of Homebuilders (NAHB) said Tuesday that its members’ confidence in the housing market held steady in November.

Its monthly housing market index was unchanged from October at 63, as members awaited results of the US presidential election, according to NAHB chairman Ed Brady.

The monthly survey gauges how homebuilders rate current and future sales and traffic.

“Ongoing job creation, rising incomes and attractive mortgage rates are supporting demand in the single-family housing sector. This will help keep housing on a steady, upward glide path in the months ahead,” said NAHB Chief Economist Robert Dietz in a statement.

Bloomberg reported Wednesday that mortgage applications fell last week to the lowest level since January, according to the Mortgage Bankers Association. Applications fell as borrowing costs spiked at the fastest pace since 2013 amid a rise in interest rates since Donald Trump won the US presidential election last week.

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