Home building in the U.S. fell for a third straight month, showing that rising labor and material costs continue to dent the pace of home construction.
The nation's homebuilders are feeling better about their business, as falling mortgage rates help more buyers afford homes.
Another sharp drop in mortgage rates sent even more homeowners to their lenders, hoping to save money on their monthly payments.
The 30-year fixed-rate mortgage averaged 3.6% during the week ending Aug. 8, down 15 basis points from the previous week, Freddie Mac reported Thursday.
Mortgage interest rates have been falling since May, especially sharply this month, so borrowers, especially millennials, are rushing to refinance.