Updated on July 19, 2019 10:33:42 AM EDT
This morning’s sole relevant economic report was the initial University of Michigan Index of Consumer Sentiment reading for July at 10:00 AM ET. It came in at 98.4, up from June’s final reading of 98.2 but a tad lower than expectations. The increase means more surveyed consumers felt better about their own financial situations than last month. That is technically bad news for bonds because it means those consumers are more likely to make a large purchase in the near future. However, since it was not as high as expected, we are not seeing much of a reaction to the news in this morning’s trading or mortgage pricing.
Next week brings us the release of a few economic reports for the markets to digest in addition to a couple of Treasury auctions that may influence mortgage rates. The most important data comes late in the week, including an extremely important GDP reading. The week starts off light with nothing set for release Monday, so we can expect weekend news and stock movement to drive bond trading. Look for details on the week’s full schedule in Sunday evening’s weekly preview.
©Mortgage Commentary 2019