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Home builder stocks bucked the market’s rise higher in premarket trading. No matter who’s president, it still comes down to mortgage rates.
Traders are concerned about the budget, National Association of REALTORS® chief economist Lawrence Yun said in a statement to Barron’s. “Trump has not said much about the budget deficit,” said Yun. “In the short-term, mortgage rates will tick higher as the budget deficit outlook does not improve, even as the Fed is cutting its short-term interest rates.”