Reported 19 days ago
Lennar Corp surpassed Wall Street's profit expectations in Q3, driven by an increase in home deliveries amidst a low housing supply and decreasing mortgage rates. With the average 30-year fixed mortgage rates dropping to about 6.1% from a previous high of 8%, more hesitant buyers are entering the market. Despite a year-on-year decline in gross margins, Lennar anticipates delivering between 22,500 and 23,000 homes in Q4, although shares dipped 3.6% post-announcement.
Source: YAHOO