Toll Brothers Orders Miss Estimates as High Mortgage Rates Slowed Demand
- Company sets guidance for deliveries ahead of 2023 results
- CEO Yearley says demand has looked ‘solid’ in recent weeks
The surge in mortgage rates toward 8% at the end of the period likely suppressed some demand as Toll’s relatively affluent buyers lost some purchasing power.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Luxury builder Toll Brothers Inc. reported weaker-than-expected quarterly orders as a surge in mortgage rates slowed demand.