Homebuilder Stocks Drop as Buyers Hold Off on New Purchases Amid High Mortgage Rates

• Homebuilder stocks fell as housing sentiment index was unchanged amid high mortgage rates

• Index staying above 50 indicates more builders still see good than poor conditions

• Buyers hesitating on home purchases until interest rate direction becomes clearer

• Mortgage rates have stayed slightly higher in 2023, pushing some buyers to sidelines

• Builders pulled back a bit on cutting home prices in April, though over half still using sales incentives