real-time news and commentary for investors
Thursday, Oct 24
Homebuilders surge after Pulte and M/I results
- With interest rates already sharply lower than during Q3, investors look past the slowdown in new home orders last quarter at PulteGroup (PHM +7.6%) . Also reporting today, M/I Homes (MHO +7.6%) records a similar gain after new contracts of 869 homes gained 15% from a year ago.
- Not unnoticed is the average 30-year fixed mortgage rate falling 15 bps last week to a 4-month low of 4.13%.
- Other builders: Toll Brothers (TOL +2.5%), KB Home (KBH +2.9%), Ryland RYL, Hovnanian (HOV +2.5%), Standard Pacific (SPF +2.5%).
- ETFs: ITB +3.1%, XHB +2.4%.