U.S. Home Builder Index Rises in August

U.S. home builder optimism rose to the highest in more than 3 1/2 years, an industry group said, a sign that prospective buyers are trying to lock in mortgage rates before they rise.

The National Assn. of Home Builders’ housing market index jumped to 71 in August, the highest since January 2000, from 65 in July. Readings above 50 indicate more builders view conditions as good than poor.

The average rate on a 30-year fixed-rate mortgage rose to 6.24% last week from a record low of 5.21% in mid-June.

From Bloomberg News