Interesting Issues

High rates are finally broadening their negative impacts. Last week a major home builder index sank to its seventh lowest reading in over 11 years, home mortgage cancellation rates suddenly spiked to their third highest rate in at least seven years, the AIA’s Billing Index abruptly dropped to its lowest level outside of 2020 since 2010, and subprime auto loans at least 60 days late hit their highest rate ever.