U.S. housing starts fell in April as interest rates rose

Housing starts fell 0.2 percent to 1.72 million, according to data from the U.S. Department of Commerce. The median estimate of economists surveyed by Bloomberg was 1.76 million.

The previous month's data was also revised down to 1.73 million.

Building permits, on the other hand, fell 3.2 percent to 1.82 million on an annualized basis.

The housing sector is struggling with rising raw material prices and labor shortages due to high inflation. In addition, it is stated that the rapid increase in borrowing costs will negatively affect home buyers.