The National Association of Home Builders (NAHB)/Wells Fargo housing market index for March was unchanged from February’s reading of 58. The reading was lower than the consensus forecast of 59 from a Bloomberg survey of economists. In October 2015, the NAHB index reached 64, its highest level since the end of the housing boom in late 2005.

An index reading above 50 indicates that more builders view sales conditions as good than view them as poor.

The current sales conditions sub-index for March remained unchanged at 65, and the sub-index that estimates prospective buyer traffic rose from 39 to 43. The sub-index measuring sales expectations for the next six months fell three points to 61.

The NAHB’s chief economist said:

While builder sentiment has been relatively flat for the last few months, the March HMI reading correlates with NAHB’s forecast of a steady firming of the single-family sector in 2016. Solid job growth, low mortgage rates and improving mortgage availability will help keep the housing market on a gradual upward trajectory in the coming months.

In the NAHB’s regions, the three-month moving average index slipped in two regions, rose in one and remained unchanged in the other. The index declined by three points to 69 in the West and by one point to 46 in the Northeast. The index rose by a point in the Midwest to a reading of 58, and it was unchanged in the South at 59.

The current average interest rate for a conventional 30-year fixed mortgage loan is 3.82%, according to Mortgage News Daily. The 52-week range for conventional 30-year fixed loans is 3.55% to 4.20%.

The NAHB/Wells Fargo housing market index has remained in the 60-point range since June. Prior to mid-2013, the index had not risen to 50 since mid-2006.

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