Homebuilders lag as rates climb, mortgage apps tumble

|By:, SA News Editor

Those getting mortgages prior to last few weeks were "likely the last" to lock in at historically low rates, says the NAR's Larry Yun following this morning's disappointing Pending Home Sales report.

That report was for October, but in more current news, mortgage applications dove another 9.4% in the week ended Nov. 25 (seasonally adjusted). They've been on a downward track for a few weeks, with the speed mostly picking up amid the sharp rise in rates since the election.

Turning to rates, the 10-year Treasury yield is carving out a new 12-month-plus high, up 11 basis points to 2.40%.

The S&P 500 is flat, but the ITB is down 1.8%, and XHB 1.2%.

Toll Brothers (TOL -2.1%), Lennar (LEN -3.4%), Pulte (PHM -1.8%), D.R. Horton (DHI -3.8%), M.D.C. Holdings (MDC -2.1%), Taylor Morrison (TMHC -1.5%)