Homebuilder Shares Outperform S&P 500 by 1 Point After Subdued PPI, Yet Lennar Targets Underperform

U.S. mortgage rates edged lower on Monday, with Bankrate’s national survey putting the average 30-year fixed rate at 6.13%, down 10 basis points from a week earlier; the 15-year fixed was 5.51% and the average 30-year refinance rate was 6.50%. Mortgage Bankers Association President Bob Broeksmit said applications were “essentially flat” last week, with borrowers leaning more on FHA loans — a government-backed option — and adjustable-rate mortgages, which reset after an initial period. U.S. stock markets were closed for the Presidents Day holiday, with trading set to resume on Tuesday.