According to BBC, the US home-building industry grew in the month of July, in part due to the increase of construction for new apartments.
According to the Commerce Department, the new-home industry rose by 5.9 percent since the previous month.
New homes grew at an annual rate of 896,000, which was below the rate for March that had a rate of 1 million.
Mortgage rates could be rising due to a recent drop in new single-family homes built. The new single-family home construction dropped by 2.2 percent.
Permits to build new homes have begun to rise, which recently showed an increase of 2.7 percent. Also, 30-year mortgage rates have increased by a full percentage in July since it was at 3.4 percent in the month of May.