Homebuilder Confidence Stagnates as High Mortgage Rates Dampen Demand

• 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 demand growth until interest rate outlook clears

• Flat confidence highlights how high prices and low inventory cause hesitation

• Builders slightly pulled back on cutting prices in April, use of sales incentives also edged down