ITB

30‑year mortgage rates climbed to 7.12%, the highest since 2024, pushing homebuilder stocks like KB Home, Rocket, and the ITB ETF lower. The rise has pulled back part of Tuesday’s rally.

The Nasdaq 100 hit an intraday record driven by AI enthusiasm, while financials fell nearly 2% and crude oil dropped for a fifth straight session.

Berkshire Hathaway has taken a significant stake in Lennar, prompting analysts to adopt a more bearish stance on the homebuilder.

Opendoor shares rose 5% but remain 24% lower over the month, contrasting with the broader market’s gains.

The U.S. housing market is facing worsening conditions as 30‑year mortgage rates exceed 7%, hurting affordability.

Freddie Mac’s average 30‑year fixed mortgage rate jumped to 6.95% for the week ended Sept. 16, the largest weekly increase since April 2025.

Armstrong World Industries, a maker of ceiling tiles, has seen its stock decline amid concerns over tighter construction spending, though those worries may be overstated.