Updated on October 17, 2018 10:23:49 AM EDT
The Commerce Department reported early this morning that new home groundbreakings fell 5.3% last month. This was a larger decline than was expected, indicating weakness in the new home portion of the housing sector. That makes the data favorable for bonds and mortgage rates as it is a sign of economic weakness. However, this report does not carry a high level of importance, so it has had a minimal impact on today’s trading.