Homebuilders rally following upbeat mortgage application data

theflyonthewall.com

Homebuilders are climbing after the Mortgage Bankers Association reported today that mortgage applications jumped a seasonally adjusted 16.6% during the week ending September 28 compared with the previous week. The association noted that during the same week its refinancing index reached the highest level since April 2009, while its index of purchase prices rose 4% versus the previous week, and 11% compared with the same week in 2011. In early afternoon trading, KB Home (KBH) rose 6.35% to $15.41, Lennar (LEN) jumped 6.60% to $37.30, Hovnanian (HOV) surged 8.45% to $3.72 and D.R. Horton (DHI) climbed 5.55% to $21.86.

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