There's no doubt about it: The second half of 2022—a period that saw mortgage rates top 7%—was absolutely brutal for the housing industry. Look no further than PulteGroup's fourth-quarter earnings, which saw its buyer cancellation rate soar to 32%—or nearly three times greater than the 11% cancellation rate it saw in the fourth quarter of 2021.
"Federal Reserve actions to fight inflation through higher interest rates continued to impact homebuying demand in the [fourth] quarter," PulteGroup told investors in January.
