The mortgage REIT’s stock declines to its lowest level in a year amid broader sector weakness and rising interest rates.
PennyMac Mortgage Investment Trust (PMT) shares fell to a 52-week low of $11.14, reflecting investor concerns over rising interest rates and their impact on mortgage-backed securities. The decline underscores ongoing pressure in the real estate investment trust sector as borrowing costs climb.
The stock has underperformed peers in recent months, with the latest drop extending a year-long downward trend. Analysts cite tighter financial conditions and reduced mortgage origination volumes as key headwinds for the sector.
No immediate market reaction was reported following the decline, though sector-wide selling persisted in early trading.