US homebuilders fall as rate hike looms
Shares of U. S. homebuilders dropped on Wednesday after data showed mortgage applications decreased in the latest week, at a time when concerns of a slowdown in the housing industry is already worrying investors.
Shares of D. R. Horton Inc (DHI. N), Lennar Corp (LEN. N), PulteGroup Inc (PHM. N), Toll Brothers Inc (TOL. N) fell about 4 percent while those of KB Home (KBH. N) and Meritage Homes Corp (MTH. N) fell about 5 percent, ahead of a Federal Reserve statement widely expected to raise interest rates.
The Fed has raised rates three times last year and once this year.
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