Housing starts rose in June despite higher mortgage rates

The number of housing starts ticked up in June despite pressure from high mortgage rates, reassuring news for an economy that has seen soaring housing prices and rents driven by a lack of supply.

Housing starts, the change in the number of new residential buildings that began construction, rose 3% from May to a seasonally adjusted annual rate of 1.35 million in June, according to a Wednesday morning report from the Census Bureau.