U.S. mortgage rates have shot up recently, rising to their highest level in two years. Now that the rate on a 30-year mortgage is higher than 4.5%, fewer homeowners have an incentive to refinance their homes.

In the video below, Motley Fool analyst Jason Moser discusses why Home Depot (NYSE:HD) will benefit from a growing trend of home renovation. Historically, Home Depot and Lowe's (NYSE:LOW) have traded places for industry dominance, but over the past few years Home Depot has held on to the top spot. But with shares of Home Depot near an all-time high, is the stock too pricey for investors? Moser shares why he believes Home Depot is still a good value.

Chris Hill has no position in any stocks mentioned. Jason Moser has no position in any stocks mentioned. The Motley Fool recommends Home Depot and Lowe's. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.