More positive surprises this morning on the data front: new home sales beat in October, even as mortgage applications fall.
New homes sales rose at an annual rate of 430,000 in October, up 6.2% from September’s rate, the U.S. Department of Commerce’s Bureau of the Census reported. The expectation was for sales to remain flat with September.
Meantime, weekly applications for mortgages decreased 4.5% last week from the prior week, the Mortgage Bankers Association reported earlier this morning.
Homebuilders are up on the news, with D.R. Horton (DHI), the largest, rising 31 cents, or 3%, to $10.89, Pulte Homes (PHM) up 15 cents, or 1.7%, at $9.45. Toll Brothers (TOL) was unchanged at $19.50.
No comments:
Post a Comment