CNBC’s Jim Cramer said Wednesday that markets remain ‘frozen’ due to high interest rates, geopolitical uncertainty and political obstacles. The 30-year mortgage rate has climbed to roughly 7.5%, from about 3% five years ago, making housing the least affordable it has been in 40 years. This has weighed on homebuilder stocks Lennar and KB Home, as well as Home Depot, Lowe’s and Whirlpool, all of which hit fresh 52-week lows. Capital markets activity has also slowed, with smart ring maker Oura postponing its planned $2.2 billion IPO and Inspire Brands shelving its own offering. Cramer cautioned investors against abandoning the market, suggesting that an end to the war in Ukraine could push oil and inflation lower, potentially prompting the Federal Reserve to take rate hikes off the table and unleash a powerful stock rally.
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