Rising mortgage rates hit home builders as buyers pull back | CNN Business

New York CNN Business  — 

Prospective home buyers are getting hit by a double whammy of bad news: Prices remain prohibitively high for many consumers, largely due to low supply. Mortgage rates have also skyrocketed to their highest level in 14 years.

That is weighing on demand for both new home construction as well as sales of existing homes on the market. Home builders Lennar (LEN) and KB Home (KBH) both reported their latest quarterly results Wednesday afternoon. The two companies each posted a profit that topped analysts’ forecasts, but revenue was below Wall Street’s expectations.

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