New Home Sales
May's New Home Sales data was released at 10:00 AM ET this morning. The Commerce Department announced that sales of newly constructed homes rose 2.9% last month. This was a smaller increase than was expected, so the headline number looks favorable for bonds and mortgage rates. However, a sizable upward revision to April’s sales skewed the increase percentage. The actual number of sales came in higher than expected, making the data negative for mortgage rates as it indicates a stronger housing sector.