Construction workers install frames for windows and doors in a home being built in Bloomfield Hills, Michigan. Credit: Emily Elconin/Bloomberg.

Confidence among U.S. home builders has dropped to the lowest level since before President Donald Trump took office, as high mortgage rates and concern over tariffs sapped much of the initial optimism for the new presidential administration.

A gauge of housing market conditions from the National Association of Home Builders (NAHB) and Wells Fargo fell 5 points, to 42, the lowest since September. The figure was below all estimates in a Bloomberg survey of economists. Reflecting growing concerns, a component of the NAHB’s overall index that measures expectations for the next six months fell 13 points, to 46, this month, its biggest drop since the start of the pandemic. Meanwhile, components measuring present sales and traffic of prospective buyers also declined.

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