Toll Brothers Inc

TOL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$234.00	Fgdt	Tdmqxrkpn

Toll Brothers Earnings: New Orders Surge Despite Higher Mortgage Rates

Brian Bernard

Aug 23, 2023

Higher mortgage rates have been a double-edged sword for homebuilders. On the one hand, homebuilders have had less competition from the resale market due to the so-called rate lock-in effect. That is, about 84% of mortgaged homes have a rate below 5%, which has discouraged sales listings of existing homes. On the other hand, housing affordability has worsened as the average 30-year fixed mortgage rate has trended higher over the last four months, exceeding 7% by mid-August.

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