Updated on October 26, 2016 10:35:10 AM EDT
Septembers New Home Sales report was posted at 10:00 AM ET this morning. The Commerce Department announced a 3.1% rise in sales of newly constructed homes. This is compared to the little change that analysts were expecting. However, the headline increase doesn’t tell the whole story. A sizable downward revision in August’s sales allows September’s to be an increase. The number of September’s sales was still lower than what was predicted. In other words, despite the unexpected increase, sales were still softer than forecasts. That makes the data good news for bonds and mortgage rates. Unfortunately, this is not considered to be a highly important release, so it has failed to offset the overall recent negative tone in bonds.