Existing Home Sales from National Assoc of Realtors
This morning’s housing report from the National Association of Realtors showed a decline of 1.3% in home resales last month. A decline is good news for bonds and mortgage rates because a soft housing sector makes broader economic growth more difficult. However, analysts were expecting to see a larger decline in sales. In other words, the data was stronger than expected, making it neutral to slightly unfavorable for bonds and mortgage rates. Fortunately, the overall tone of the bond market remains favorable with the positive momentum bring yields and mortgage rates lower.