New Home Sales
There is an economic release set for tomorrow morning, but it is not considered to be of high importance and is nowhere near as influential as the afternoon events. The economic report is December's New Home Sales data at 10:00 AM ET. It measures housing sector strength and mortgage credit demand. However, it usually does not have a significant impact on bond trading or mortgage rates unless it comes out with a significant surprise because it covers such a small part of all home sales. Tomorrow’s update is expected to show an increase in sales of newly constructed homes, hinting at strength in the new home portion of the housing sector. The smaller the number of sales, the better the news it is for bonds and mortgage rates.