Makers of building products fell Wednesday as housing starts slumped and mortgage applications hit a 25-year low.
Applications slid for a fourth straight month, pressured by rising costs of borrowing money to buy a home. The 30-year fixed-rate mortgage rose to 6.94% for the week from 6.81%, also dampening refinancing activity.
Meanwhile, housing starts declined more than previously estimated in September. The gauge of new home construction fell 8.1% from the prior month to a rate of 1.439 million, below the consensus estimate of 1.475 million.
Azek ( NYSE: AZEK ) hit a 52-week low of $15.19 a share, also the lowest price since going public in mid-2020.
% change Oct. 19, 3:34 p.m. ET | |
Azek ( AZEK ) | -6.9% |
Carlisle Companies ( NYSE: CSL ) | -2.0% |
Fortune Brands Home & Security ( NYSE: FBHS ) | -4.7% |
Hayward Holdings ( NYSE: HAYW ) | -5.3% |
Jeld-Wen Holding ( NYSE: JELD ) | -7.1% |
Latham Group ( NASDAQ: SWIM ) | -7.8% |
Stanley Black & Decker ( NYSE: SWK ) | -3.8% |
Trex ( NYSE: TREX ) | -10.3% |
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Building-product stocks slump as mortgage applications hit 25-year low