Mortgage Rates Up On Strong Reports
25 July 2008
Bonds reversed course today, sinking as three pieces of economic data came in suggesting the economy is in better shape than thought. First, Durable Goods Orders for June came in much stronger than had been expected, suggesting that the manufacturing sector is recovering. Secondly, University of Michigan’s Index of Consumer Sentiment for June came in stronger than expected, and this increase in consumer confidence is bad for rates. Finally, new home sales for June were stronger than expected.
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