DR Horton Inc. DHI shares,
It declined 5.8% in afternoon trading on Friday, enough to prop up the S&P 500’s SPX,
decline, as continued increases in Treasury yields and mortgage rates weigh on the home-builders sector. DR Horton’s stock is now down 11.9% this week, which would make it the biggest weekly drop since a 12.9% drop during the week ended April 3, 2020. Elsewhere, shares of Lenner Corp. LEN,
dropped 3.9% and Toll Brothers Inc. TOL,
declined 3.6%, while the iShares US Home Construction ETF ITB,
3.8% left. Home-improvement retailer Home Depot Inc.’s stock HD was taking a hit, too.
which led the Dow Jones Industrial Average’s DJIA to fall 2.5%,
Yield on the rejecting 10-year Treasury note TMUBMUSD10Y,
Which is used to calculate mortgage rates, rose 4.0 basis points to a 2-year high of 1.773%. The fear is that higher rates could make homes less affordable.