Updated on March 22, 2017 10:31:10 AM EDT
Februarys Existing Home Sales report was released by the National Association of Realtors at 10:00 AM ET this morning. They announced a decline in home resales of 3.7% last month. That was a larger decline than many had expected, meaning the housing sector weakened more than many had thought. Because a softening housing sector makes broader economic growth less likely, we can consider this morning’s news favorable for bonds and mortgage rates.