Shares of home builders enjoyed a broad rally Wednesday after BofA Securities said it sees a “favorable setup” for the sector, with lower mortgage rates on the horizon.
Analyst Rafe Jadrosich said that after the home-builder sector underperformed in 2022, with demand deteriorating in the second half of the year as mortgage rates more than doubled, he’s still cautious on housing demand, especially in the first half of 2023, amid macroeconomic concerns. The iShares Home Construction exchange-traded fund ITB climbed 1.6% in midday trading, with 46 of 48 components trading higher. That outperformed the S&P 500’s SPX 0.5% gain.
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Huh?
How? Fed plans on raising rates, again.
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