Why Redfin Stock Was Slipping Today
Shares of Redfin (NASDAQ: RDFN), an online real estate brokerage, were pulling back today although there was no company-specific news. Instead, a combination of rising mortgage rates and a broader sell-off in the market seemed to be pushing the stock lower.
As of 11:44 a.m. ET, the stock is down 5.6%. At the same time, the Nasdaq is down 1.6%.
Redfin was one of the few stocks to slide yesterday as the market surprisingly surged even though September inflation was higher than expected. Continued growth in consumer prices, which were up 0.4% month over month and 8.2% year over year, make it more likely that the Federal Reserve will raise interest rates again, and mortgage rates surged to 7% as a result.
Source Fool.com
