Builder Stocks Are Falling. Blame the 10-Year Treasury Yield.

Builder stocks were dropping on Tuesday, and the increase in the 10-year Treasury yield, with which mortgage rates often move, is likely to blame.

The pullback was probably driven by Tuesday’s gain in the 10-year Treasury, which was yielding a preliminary 4.247% Tuesday morning—the sixth highest yield of 2023, according to Dow Jones Market Data. The gain in the yield signals further increases for mortgage rates, which have remained high this year relative to their historic lows earlier in the pandemic. Freddie Mac ‘s weekly gauge tracking the average 30-year mortgage rate climbed as high as 7.23% in August, its highest level in decades, before dropping slightly last week.

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