Interest rates for home mortgages have, in general, declined during recent months. With the apparent favorable influence for new-home building, there seems to be a clear relationship between x = the prevailing mortgage interest rate and y = the number of new houses being built per month in a Midwestern city over a period of 18 months. A scatterplot of the data collected shows that the linear model is appropriate. The equation of the least-squares regression line is Number of new houses = 672.89- 30.65 x Interest rate and 2 = 0.49. What is the correlation coefficient between Interest rate and Number of new houses being built? (Give your answer to one decimal place.)

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Factors Affecting Housing Decision