Updated on April 24, 2018 10:25:03 AM EDT
Both of this morning’s economic reports gave us unfavorable results. The Commerce Department announced that sales of newly constructed homes rose 4.0% last month, exceeding expectations. A sizable upward revision to February’s sales also pushed the number of new home sales higher than previously thought. Because it is a sign of housing sector strength, the news should be considered negative for bonds and mortgage rates. However, the truth is that this report doesn’t carry much significance, so its impact on today’s rates has been minimal.