Updated on October 19, 2018 10:18:57 AM EDT
Septembers Existing Home Sales data was posted at 10:00 AM ET this morning. The National Association of Realtors reported that home resales fell 3.4% last month. This was a larger decline than forecasted, the largest monthly decline in the past two years and the sixth consecutive month that showed a drop in sales. Those points indicate that the housing sector is weakening, making the data good news for bonds and mortgage rates. However, we are seeing stock-related trading that makes the data irrelevant today.
Next week brings us a handful of economic reports that are relevant to mortgage rates in addition to a couple of Treasury auctions. The important releases will come later in the week. Monday has nothing of importance set, so weekend news and stock movement are likely to drive bond trading and mortgage rates the first day or two. Look for details on next week’s calendar in Sunday evening’s weekly preview.
©Mortgage Commentary 2018