Existing Home Sales from National Assoc of Realtors
There are two events tomorrow that we will be watching. The first is July's Existing Home Sales report at 10:00 AM ET. The National Association of Realtors will release this report, giving us a measurement of housing sector strength. It covers a high percentage of all home sales in the U.S., but usually does not have a major influence on bond trading and mortgage rates unless it varies greatly from analysts' forecasts. It is expected to show a slight rise from June's sales, meaning the housing sector strengthened a little last month. This would generally be bad news for the bond market and mortgage rates because a strengthening housing sector makes broader economic growth more likely. But unless the increase is much larger than current forecasts, the report will likely have a slight impact on mortgage pricing at best.