“The housing market has been one of the strongest performers this year in an otherwise sluggish economy, helped by steady job gains and low mortgage rates. But mortgage rates have risen a full percentage point since May and now threaten to steal some of the market’s momentum,” Bloomberg reports. “Higher mortgage rates were likely a key reason sales surged in June, as many buyers moved to lock in lower rates before they climbed further. Some economists speculate that the rush to buy in June may have held back sales in July.”
iShares US Home Construction
Full disclosure: Tom Lydon’s clients own XHB.