FIGI: BBG00001W439 | ISIN: US4370761029 | Symbol: HD | SEDOL: BDD8L53 | CUSIP: 037833100 | CFI: DBFUGR
Investors evaluating Home Depot (NYSE: HD) are navigating a critical period in the retail sector, as the company maintains a dominant $348.3 billion market capitalization. As of December 29, 2025, the HD share price is consolidating near $349.78, offering a lucrative 2.65% dividend yield ($9.20 per share) that appeals to passive income seekers and dividend growth portfolios. Beyond the $397.09 consensus price target, which suggests a 14.9% upside, our equity research covers essential technical analysis indicators, P/E ratio valuations, and Earnings Per Share (EPS) growth trajectories. Whether you are using a high-frequency trading platform or conducting long-term fundamental analysis on the SRS Distribution merger, this 2025-2026 report delivers the institutional ownership insights and real-time market data needed to outperform the S&P 500.
Investors and traders can utilize the integrated Buy and Sell buttons located directly on the Home Depot (HD) interactive chart to ensure instant order execution and capture real-time price fluctuations with minimal slippage. By accessing the NYSE market through an authorized online brokerage platform, users can benefit from zero-commission equity trading, high liquidity, and advanced risk management tools such as automated stop-loss and limit orders. Whether you are scaling a long-term investment portfolio or engaging in high-frequency day trading, these intuitive execution tools provide seamless access to the stock market, allowing for the rapid deployment of capital with institutional-grade spreads and optional margin trading capabilities for qualified accounts.
Technical Analysis Home Depot (HD) Stock
The technical analysis dashboard for Home Depot (HD) aggregates real-time trading signals from over 20 indicators, including Exponential Moving Averages (EMA), RSI, and MACD crossovers. By analyzing price momentum and volatility trends, investors can identify high-probability support and resistance levels to optimize their entry and exit points. Whether you are monitoring the chart for a bullish breakout or reversal patterns, these automated algorithmic signals provide an essential framework for sophisticated swing trading and portfolio rebalancing within the modern equity market.
Fundamental Analysis Home Depot (HD) Stock
The fundamental analysis of Home Depot (NYSE: HD) provides a comprehensive evaluation of the company’s financial health and long-term valuation metrics. By examining critical data points such as Earnings Per Share (EPS), Price-to-Earnings (P/E) ratios, and Free Cash Flow (FCF), investors can accurately determine the intrinsic value of HD shares within the consumer discretionary sector. This analytical framework focuses on balance sheet transparency and dividend payout sustainability, offering institutional asset managers the financial intelligence required to assess capital allocation and projected fiscal performance.
Home Depot Analyst Opinions
Moderate Buy
$426.15
+21.8%
| Date | Analyst Firm | Rating Action | Price Target |
|---|---|---|---|
| 12/10/25 | D.A. Davidson & Co. | Maintained Buy | $407 |
| 12/10/25 | Wells Fargo & Co | Maintained Buy | $395 |
| 12/10/25 | UBS | Maintained Buy | $430 |
| 12/10/25 | RBC Capital Markets | Maintained Hold | $366 |
| 12/10/25 | Telsey Advisory Group | Maintained Buy | $410 |
| 12/10/25 | Piper Sandler | Maintained Buy | $441 |
| 12/05/25 | Oppenheimer & Co. Inc. | Maintained Hold | $405 |
| 12/01/25 | Stifel Nicolaus | Maintained Buy | $350 |
| 11/21/25 | Citigroup Corp. | Maintained Buy | $407 |
| 11/19/25 | RBC Capital Markets | Maintained Hold | $376 |
| 11/19/25 | Evercore | Maintained Buy | $425 |
| 11/19/25 | UBS | Maintained Buy | $445 |
| 11/19/25 | Wells Fargo & Co | Maintained Buy | $400 |
| 11/19/25 | Goldman Sachs | Maintained Buy | $406 |
| 11/19/25 | Morgan Stanley | Maintained Buy | $395 |
| 11/19/25 | Baird Patrick & Co | Maintained Buy | $415 |
| 11/19/25 | Bank of America Merrill Lynch | Maintained Buy | $430 |
| 11/18/25 | D.A. Davidson & Co. | Maintained Buy | $475 |
| 11/18/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 11/14/25 | Stifel Nicolaus | Downgraded to Buy | $370 |
| 11/13/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 11/11/25 | Wells Fargo & Co | Maintained Buy | $435 |
| 11/10/25 | J.P. Morgan | Maintained Buy | $444 |
| 11/07/25 | Bernstein | Maintained Hold | $406 |
| 09/18/25 | Wolfe Research | Maintained Buy | $497 |
| 08/20/25 | Wells Fargo & Co | Maintained Buy | $450 |
| 08/20/25 | Mizuho | Maintained Buy | $450 |
| 08/20/25 | Morgan Stanley | Maintained Buy | $430 |
| 08/20/25 | J.P. Morgan | Maintained Buy | $452 |
| 08/20/25 | Baird Patrick & Co | Maintained Buy | $450 |
| 08/19/25 | D.A. Davidson & Co. | Maintained Buy | $450 |
| 08/19/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 08/18/25 | Stifel Nicolaus | Maintained Buy | $432 |
| 08/13/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 06/30/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 06/20/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 05/21/25 | J.P. Morgan | Maintained Buy | $418 |
| 05/21/25 | Stifel Nicolaus | Upgraded to Buy | $425 |
| 05/21/25 | Mizuho | Maintained Buy | $435 |
| 05/21/25 | Baird Patrick & Co | Maintained Buy | $425 |
| 05/21/25 | TD Securities | Maintained Buy | $470 |
| 05/21/25 | Guggenheim | Maintained Buy | $450 |
| 05/21/25 | Bernstein | Maintained Hold | $398 |
| 05/20/25 | Telsey Advisory Group | Maintained Buy | $455 |
| 05/08/25 | Wells Fargo & Co | Maintained Buy | $420 |
| 05/06/25 | J.P. Morgan | Maintained Buy | $410 |
| 05/05/25 | Morgan Stanley | Maintained Buy | $410 |
| 03/24/25 | Piper Sandler | Maintained Buy | $418 |
| 02/26/25 | Baird Patrick & Co | Maintained Buy | $430 |
| 02/26/25 | Piper Sandler | Maintained Buy | $435 |
* Scroll inside the table to view the full history of analyst ratings.
Where to Trade Home Depot Stock
While Home Depot (HD) is primarily listed on the New York Stock Exchange, its global significance allows investors to access equity markets across multiple international jurisdictions. Trading on secondary exchanges provides additional liquidity and extended hours for institutional and retail trading accounts worldwide.
| Exchange | Ticker | Currency | Region |
|---|---|---|---|
| New York Stock Exchange | HD | USD | United States |
| Deutsche Börse (XETRA) | HOM | EUR | Germany |
| Bolsa Mexicana de Valores | HD * | MXN | Mexico |
| London Stock Exchange (IBIS2) | 0R16 | USD | United Kingdom |
| SIX Swiss Exchange | HD | CHF | Switzerland |
| B3 – Brasil Bolsa Balcão | HOME34 | BRL | Brazil |
| Vienna Stock Exchange | HD | EUR | Austria |
Home Depot Estimates* in USD
| Metric | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|
| Revenue | 164,620 | 171,532 | 178,968 | 186,869 | 188,110 |
| Dividend | 9.18 | 9.61 | 10.24 | 12.19 | – |
| Dividend Yield (in %) | 2.63 % | 2.75 % | 2.93 % | 3.49 % | 2.66 % |
| EPS | 14.50 | 15.09 | 16.38 | 17.68 | 19.43 |
| P/E Ratio | 24.13 | 23.17 | 21.36 | 19.78 | 18.00 |
| EBIT | 21,297 | 22,047 | 23,403 | 24,895 | 25,773 |
| EBITDA | 24,777 | 25,572 | 27,161 | 28,471 | 29,159 |
| Net Profit | 14,351 | 14,920 | 16,048 | 17,114 | 17,260 |
| Net Profit Adjusted | 14,357 | 14,974 | 16,099 | 17,437 | – |
| Pre-Tax Profit | 18,916 | 19,687 | 21,165 | 22,347 | 22,861 |
| Pre-Tax Profit Reported | 18,957 | 20,354 | 21,883 | 24,615 | – |
| EPS (Non-GAAP) ex. SOE | 14.50 | 15.09 | 16.38 | 17.68 | 19.43 |
| EPS (GAAP) | 14.16 | 14.78 | 16.15 | 17.23 | – |
| Gross Income | 54,701 | 56,901 | 59,535 | 62,050 | 62,711 |
| Cash Flow from Investing | -10,279 | -4,075 | -4,157 | -4,546 | -4,703 |
| Cash Flow from Operations | 19,934 | 20,849 | 22,168 | 22,107 | 20,714 |
| Cash Flow from Financing | -7,555 | -14,956 | -15,778 | -17,470 | -16,694 |
| Cash Flow per Share | 19.73 | 20.91 | 22.84 | – | – |
| Free Cash Flow | 14,810 | 15,996 | 16,126 | 17,137 | – |
| Free Cash Flow per Share | 14.44 | 16.24 | 16.94 | – | – |
| Book Value per Share | 12.37 | 16.19 | 17.06 | – | – |
| Net Debt | 53,130 | 48,946 | 49,079 | – | – |
| Research & Development | – | – | – | – | – |
| Capital Expenditure | 4,002 | 3,993 | 4,113 | 4,668 | 4,703 |
| SG&A Exp. | 30,906 | 32,328 | 33,627 | 35,124 | 33,859 |
| Shareholder’s Equity | 12,284 | 15,362 | 15,509 | 10,341 | 4,528 |
| Total Assets | 104,789 | 106,378 | 109,064 | 105,950 | 107,473 |
* Average Estimates in Million (e.g. Revenue) or per share (e.g. Dividend). Source: FactSet. Scroll vertically to see all metrics.
Home Depot (HD) Income Statements
| Income Statements (Mio. USD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Sales | 159,514.00 | 152,669.00 | 157,403.00 | 151,157.00 | 132,110.00 | 110,225.00 | 108,203.00 |
| Change of sales in % | 4.48 | -3.01 | 4.13 | 14.42 | 19.85 | 1.87 | 7.23 |
| Gross profit on sales | 50,274.00 | 48,287.00 | 50,323.00 | 48,446.00 | 42,725.00 | 35,583.00 | 35,290.00 |
| Gross profit change in % | 4.11 | -4.05 | 3.87 | 13.39 | 20.07 | 0.83 | 8.43 |
| Operating income | 21,526.00 | 21,689.00 | 24,039.00 | 23,040.00 | 18,278.00 | 15,843.00 | 15,777.00 |
| Operating income change in % | -0.75 | -9.78 | 4.34 | 26.05 | 15.37 | 0.42 | 6.24 |
| Income before tax | 19,406.00 | 19,924.00 | 22,477.00 | 21,737.00 | 16,978.00 | 14,715.00 | 14,556.00 |
| Income before tax change in % | -2.60 | -11.36 | 3.40 | 28.03 | 15.38 | 1.09 | 6.26 |
| Income after tax | 14,806.00 | 15,143.00 | 17,105.00 | 16,433.00 | 12,866.00 | 11,242.00 | 11,121.00 |
| Income after tax change in % | -2.23 | -11.47 | 4.09 | 27.72 | 14.45 | 1.09 | 28.86 |
* All figures in Millions of USD. Data reflects fiscal year performance. Scroll horizontally to view the full 7-year history.
Home Depot (HD) Balance Sheet
| Balance Sheet (Mio. USD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Total liabilities | 89,479.00 | 75,486.00 | 74,883.00 | 73,572.00 | 67,282.00 | 54,352.00 | 45,881.00 |
| Long-term liabilities / share | 61.19 | 53.90 | 50.96 | 43.36 | 40.96 | 33.40 | 26.39 |
| Equity | 6,640.00 | 1,044.00 | 1,562.00 | -1,696.00 | 3,299.00 | -3,116.00 | -1,878.00 |
| Equity change in % | 536.02 | -33.16 | – | -151.41 | – | -65.92 | -229.16 |
| Balance sheet total | 96,119.00 | 76,530.00 | 76,445.00 | 71,876.00 | 70,581.00 | 51,236.00 | 44,003.00 |
| Total assets change in % | 25.60 | 0.11 | 6.36 | 1.83 | 37.76 | 16.44 | -1.18 |
* Figures in Millions of USD except per share data. Note: Negative equity in certain periods reflects aggressive share buyback programs and dividend distributions.
Home Depot (HD) Key Data & Ratios
| Key Financial Metrics (USD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|
| Sales per share | 160.64 | 152.36 | 153.56 | 142.87 | 122.55 | 100.48 | 94.67 |
| P/E ratio (basic EPS) | 27.63 | 23.51 | 18.98 | 23.60 | 22.69 | 22.26 | 18.95 |
| P/E ratio (diluted EPS) | 27.63 | 23.51 | 18.98 | 23.60 | 22.69 | 22.26 | 18.95 |
| Dividend yield in % | 2.18 | 2.35 | 2.40 | 1.80 | 2.22 | 2.38 | 2.23 |
| Equity ratio in % | 6.91 | 1.36 | 2.04 | -2.36 | 4.67 | -6.08 | -4.27 |
| Debt ratio in % | 93.09 | 98.64 | 97.96 | 102.36 | 95.33 | 106.08 | 104.27 |
Source: Financial Reports. Dividend yield is calculated based on year-end share price. Negative equity ratios indicate total liabilities exceeding total assets.
Home Depot (HD) Insider Activity
| Name | Date | Shares Traded | Shares Held | Price | Type | Option |
|---|---|---|---|---|---|---|
| BROWN ANGIE | 12/11/2025 | 1,946.00 | 3,941.23 | 357.63 | Sell | No |
| BROWN ANGIE | 12/11/2025 | 402.00 | 4,773.23 | 181.76 | Buy | No |
| BROWN ANGIE | 12/11/2025 | 457.00 | 5,887.23 | 282.61 | Buy | No |
| BROWN ANGIE | 12/11/2025 | 657.00 | 5,430.23 | 292.75 | Buy | No |
| Campbell Ann Marie | 12/10/2025 | 145.00 | 12,320.00 | 358.26 | Sell | No |
| McPhail Richard V | 11/18/2025 | 206.00 | 44,561.35 | 334.50 | Sell | No |
| Broggi Jordan | 11/18/2025 | 89.00 | 5,883.91 | 334.50 | Sell | No |
| Scardino Kimberly R | 09/21/2025 | 147.00 | 7,463.00 | 412.00 | Sell | No |
| Broggi Jordan | 09/21/2025 | 110.00 | 5,972.91 | 412.00 | Sell | No |
| Deaton John A. | 09/21/2025 | 455.00 | 14,118.23 | 412.00 | Sell | No |
| Bastek William D | 09/21/2025 | 201.00 | 24,040.51 | 412.00 | Sell | No |
| McPhail Richard V | 09/21/2025 | 692.00 | 44,767.35 | 412.00 | Sell | No |
| BROWN ANGIE | 09/21/2025 | 94.00 | 4,371.23 | 412.00 | Sell | No |
| SMITH STEPHANIE | 09/21/2025 | 160.00 | 5,053.81 | 412.00 | Sell | No |
| Bastek William D | 09/11/2025 | 2,303.00 | 24,235.28 | 423.12 | Sell | No |
| Bastek William D | 09/11/2025 | 2,303.00 | 26,538.28 | 147.36 | Buy | No |
| Roseborough Teresa Wynn | 08/21/2025 | 4,103.00 | 17,436.67 | 413.24 | Sell | No |
| Bastek William D | 08/21/2025 | 3,783.00 | 24,235.28 | 410.23 | Sell | No |
| Roseborough Teresa Wynn | 08/21/2025 | 1,380.00 | 16,056.67 | 413.22 | Sell | No |
| Roseborough Teresa Wynn | 08/21/2025 | 1,579.00 | 21,539.67 | 292.75 | Buy | No |
| Roseborough Teresa Wynn | 08/21/2025 | 2,524.00 | 19,960.67 | 181.76 | Buy | No |
| Bastek William D | 08/21/2025 | 3,783.00 | 28,018.28 | 130.22 | Buy | No |
| Decker Edward P. | 08/20/2025 | 12,838.00 | 142,483.54 | 396.85 | Sell | No |
| Decker Edward P. | 08/20/2025 | 20,059.00 | 122,424.54 | 397.45 | Sell | No |
| BROWN ANGIE | 08/20/2025 | 628.00 | 4,464.69 | n/a | Buy | No |
* Insider activity reflects transactions by corporate officers and directors. Source: SEC Form 4 Filings.
Home Depot (HD) Dividend Calendar & History
| Year | Company Name | Total Dividend | *Yield | Currency |
|---|---|---|---|---|
| 2025 | Home Depot | 9.20 | 2.65% | USD |
| 2024 | Home Depot | 9.00 | 2.35% | USD |
| 2023 | Home Depot | 8.36 | 2.40% | USD |
| 2022 | Home Depot | 7.60 | 1.80% | USD |
| 2021 | Home Depot | 6.60 | 2.22% | USD |
| 2020 | Home Depot | 6.00 | 2.38% | USD |
| 2019 | Home Depot | 5.44 | 2.23% | USD |
| 2018 | Home Depot | 4.12 | 1.72% | USD |
| 2017 | Home Depot | 3.56 | 2.00% | USD |
| 2016 | Home Depot | 2.76 | 1.88% | USD |
| 2015 | Home Depot | 2.36 | 1.80% | USD |
| 2014 | Home Depot | 1.88 | 2.03% | USD |
| 2013 | Home Depot | 1.56 | 1.72% | USD |
| 2012 | Home Depot | 1.16 | 2.32% | USD |
| 2011 | Home Depot | 1.04 | 2.57% | USD |
| 2010 | Home Depot | 0.95 | 3.21% | USD |
| 2009 | Home Depot | 0.90 | 4.18% | USD |
| 2008 | Home Depot | 0.90 | 2.94% | USD |
| 2007 | Home Depot | 0.90 | 1.67% | USD |
| 2006 | Home Depot | 0.68 | 0.99% | USD |
| 2005 | Home Depot | 0.40 | 0.80% | USD |
| 2004 | Home Depot | 0.33 | 0.73% | USD |
| 2003 | Home Depot | 0.26 | 1.00% | USD |
| 2002 | Home Depot | 0.21 | 0.34% | USD |
| 2001 | Home Depot | 0.17 | 0.33% | USD |
| 2000 | Home Depot | 0.16 | 0.19% | USD |
| 1999 | Home Depot | 0.11 | 0.13% | USD |
* Dividend yield is calculated based on the average stock price for the respective year.
Home Depot Stock Index Membership
| Major Stock Index | Status | Inclusion Date | Role / Significance |
|---|---|---|---|
| Dow Jones Industrial Average | Active Component | Nov 1, 1999 | Elite “Blue Chip” status. High price-weighted influence. |
| S&P 500 | Active Component | Mar 31, 1988 | Leading indicator for the Consumer Discretionary sector. |
| S&P 100 | Active Component | Ongoing | Top 100 largest U.S. companies by market cap. |
| NYSE Composite | Listed Stock | Sep 22, 1981 | Official listing on the New York Stock Exchange. |
| Russell 1000 | Active Component | Ongoing | Core asset for institutional large-cap portfolios. |
Largest ETFs and Funds Holding Home Depot
| Fund / ETF Name | Ticker | Weight in Fund (%) | Shares Held | Value (Billion USD) |
|---|---|---|---|---|
| Consumer Discretionary Select Sector SPDR Fund | XLY | 9.42% | 18,452,110 | 6.64 |
| Vanguard Total Stock Market ETF | VTI | 0.58% | 30,125,441 | 10.84 |
| Vanguard S&P 500 ETF | VOO | 0.69% | 24,887,103 | 8.96 |
| SPDR S&P 500 ETF Trust | SPY | 0.68% | 24,561,009 | 8.84 |
| Fidelity MSCI Consumer Discretionary Index ETF | FDIS | 7.12% | 1,450,882 | 0.52 |
| Vanguard Dividend Appreciation ETF | VIG | 2.14% | 15,221,447 | 5.48 |
| iShares Core S&P 500 ETF | IVV | 0.69% | 21,340,556 | 7.68 |
* Institutional data based on recent 13F filings as of Dec 2025. Values are approximate based on current stock price.
Home Depot Market Capitalization History
| Year (End of Period) | Market Cap (Billion USD) | Change in % |
|---|---|---|
| 2025 (Current) | 365.24 | +14.52% |
| 2024 | 318.94 | +1.35% |
| 2023 | 314.68 | -5.85% |
| 2022 | 334.25 | -21.65% |
| 2021 | 426.61 | +53.46% |
| 2020 | 278.02 | +18.15% |
| 2019 | 235.31 | +26.15% |
| 2018 | 186.53 | -10.45% |
| 2017 | 208.29 | +32.18% |
| 2016 | 157.58 | +1.45% |
| 2015 | 155.33 | +23.41% |
| 2014 | 125.86 | +15.75% |
| 2013 | 108.73 | +18.12% |
| 2012 | 92.05 | +42.15% |
| 2011 | 64.75 | +18.42% |
| 2010 | 54.68 | +12.15% |
* Market Capitalization is calculated as Share Price × Total Outstanding Shares. Source: Exchange data and company filings.
History of The Home Depot
The Home Depot (NYSE: HD) was co-founded in 1978 by Bernard Marcus and Arthur Blank after they were fired from a regional hardware chain. Along with investment banker Ken Langone and merchandising expert Pat Farrah, they envisioned a “warehouse” store that would dwarf local hardware shops, offering a massive selection of products at low prices combined with exceptional customer service from highly trained staff.
Key Milestones in Home Depot’s History:
- 1978: The Home Depot is incorporated in Delaware, with its first office established in Atlanta, Georgia.
- 1979: The first two stores open in the Atlanta area, revolutionizing the industry with a 60,000-square-foot warehouse format.
- 1981: The company goes public on the NASDAQ, raising $7.2 million. In 1984, it moves to the New York Stock Exchange (NYSE).
- 1990s: Rapid national expansion across the U.S. and entry into Canada. The company becomes the world’s largest home improvement retailer by 1991.
- 2001: Entry into the Mexican market through the acquisition of Total HOME.
- 2008: Strategically navigates the U.S. housing crisis by focusing on store efficiency and professional (Pro) customer segments.
- 2015–2017: Acquisition of Interline Brands and Compact Power Equipment to strengthen its position in the professional contractor market.
- 2020: During the global pandemic, HD experiences record sales as the “DIY” (Do-It-Yourself) trend explodes. Acquires HD Supply for $8 billion.
- 2024–2025: Focuses on the “One Home Depot” strategy, integrating digital and physical shopping experiences and expanding into specialized trade services (SRS Distribution acquisition).
Today, The Home Depot operates over 2,300 stores across North America, employing nearly 500,000 associates. Its history is marked by a unique culture of “bleeding orange,” a commitment to community through The Home Depot Foundation, and a focus on both DIY enthusiasts and professional contractors.
FAQ about Home Depot Stock
Does Home Depot pay dividends?
Yes, Home Depot has a strong history of paying dividends. As of 2025, the company pays a quarterly dividend. Home Depot has increased its dividend for 16 consecutive years, making it a favorite among dividend growth investors.
What is Home Depot’s ticker symbol and where is it traded?
Home Depot is traded on the New York Stock Exchange (NYSE) under the ticker symbol HD. It is also a prominent component of the Dow Jones Industrial Average (DJIA) and the S&P 500 index.
Why does Home Depot have negative stockholders’ equity?
Home Depot often reports negative or very low equity because of its aggressive share buyback program. The company uses its strong cash flow to repurchase shares and pay dividends, which reduces the book value of equity but is often viewed by the market as a way to return value to shareholders.
How many stores does Home Depot operate?
As of the end of 2025, Home Depot operates over 2,300 stores across the United States, Canada, and Mexico, maintaining its position as the largest home improvement retailer in the world.
What are the main risks for Home Depot stock?
Key risks include fluctuations in the U.S. housing market, interest rate changes (which affect mortgage rates and home improvement loans), and changes in consumer discretionary spending levels.