Updated on July 28, 2015 10:35:23 AM EDT Tuesday’s bond market has opened in negative territory even thought this morning’s only economic news gave us favorable results. The stock markets are mixed with the Dow up 26 points and the Nasdaq down 6 points. The bond market is currently down 13/32 (2.26%), which should push this morning’s mortgage rates higher by approximately .125 of a discount point.
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The Conference Board gave us July’s Consumer Confidence Index (CCI) at 10:00 AM ET this morning. They announced a reading of 90.9 that fell well short of expectations and was a sizable drop from June’s revised 99.8. Analysts were expecting to see a decline from June but forecasts were for a much smaller drop. This means that surveyed consumers were less optimistic about their own financial and employment situations than many had thought. Because waning confidence usually translates into softer consumer spending that drives economic growth, we can consider this data good news for bonds and mortgage rates. Unfortunately, this is only a moderately important report, so its impact on today’s trading and mortgage pricing has been restricted.