Homebuilder stocks slide as high mortgage rates stifle April confidence reading

The National Association of Home Builders /Wells Fargo Housing Market Index stayed at 51 in April, unchanged from March.

Homebuilder confidence has been choked by higher mortgage rates and higher than expected inflation readings during the first quarter of this year.Mortgage rates have stayed slightly higher compared to the beginning of the year, pushing borrowers to the sidelines just as the spring homebuying season kicks into gear. The average rate on the 30-year fixed mortgage rate rose to 6.88%, higher than 6.

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