Rising mortgage rates and a softening housing market can unsurprisingly have a negative impact on Home Depot's (NYSE: HD) business. In this kind of macroeconomic environment, consumers are less inclined to take on costly renovation projects, something they can delay until better days are on the horizon. And a situation like this will also result in investors souring on the company's stock. 

With shares down substantially this year, is it time to buy Home Depot stock? Let's take a closer look. 

Despite mortgage rates climbing to a level they haven't been in 15 years, coupled with home prices in the U.S. cooling over the past few months, Home Depot's business continues showing its resilience. In the fiscal 2022 second quarter (ended July 31), the company's revenue of $43.8 billion (up 6.5% year over year) and diluted earnings per share of $5.05 (up 11.5%) both exceeded Wall Street estimates.  

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Source Fool.com