Homebuilder stock slump over rates seen overdone

FILE - Housing construction is ongoing at a site, Thursday, June 24, 2021, in Middleton, Mass. Homebuilder stocks have lagged far behind the broader market during Wall Street’s swoon this year, weighed down by fears that rising mortgage rates could severely dampen sales. One prominent exchange traded fund for homebuilders has fallen about 26% this year, while the S&P 500 is down just 5%. (AP Photo/Elise Amendola)