Existing Home Sales from National Assoc of Realtors
The National Association of Realtors released September's Existing Home Sales report at 10:00 AM ET this morning. They announced a 1.5% increase in home resales. This was the largest increase since February and is being attributed to a decline in mortgage rates over August and September. The increase was in line with expectations, but a strengthening housing sector makes broader economic growth more likely, causing bonds to be less appealing to investors. Therefore, we are labeling the report neutral to slightly negative for rates.