Raymond James downgrades homebuilder stocks as 7% mortgage rates 'cripple' housing affordability

Raymond James analysts Buck Horne and Tousley Hyde on Friday downgraded shares of KB Home , Lennar Corp. , M.D.C. Holdings Inc. , PulteGroup Inc. and Toll Brothers Inc. to market perform and cut their rating on D.R. Horton Inc. to outperform from strong buy. Pulte Group, KB Home and M.D.C. saw their ratings drop by two notches from strong buy. Lennar and Toll Brothers were previously rated outperform, one step lower than strong buy.

Raymond James analysts Buck Horne and Tousley Hyde on Friday downgraded shares of KB Home KBH , Lennar Corp. LEN , M.D.C. Holdings Inc. MDC , PulteGroup Inc. PHM and Toll Brothers Inc. TOL to market perform and cut their rating on D.R. Horton Inc. DHI to outperform from strong buy. Pulte Group, KB Home and M.D.C. saw their ratings drop by two notches from strong buy. Lennar and Toll Brothers were previously rated outperform, one step lower than strong buy.

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7% is still historically low in the grand scheme of things.

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