Housing Starts (New Home Construction)
Tomorrow has two reports scheduled, but neither are considered to be potential market movers. The first will be July’s Housing Starts at 8:30 AM ET that will give us an idea of housing sector strength and future mortgage credit demand. It usually doesn't cause much movement in mortgage rates unless it varies greatly from forecasts. Tomorrow's release is expected to show a small decline in new home groundbreakings last month. The lower the number of starts, the better the news for the bond market, as it would hint at a weaker than expected new home portion of the housing sector.