New home sales rose 4.7%, the first increase since July 2008. Analysts were expecting a 2.9% decrease.
This increase further indicates that the economy appears to be in the beginning stages of a turnaround. Had a decrease occurred, we might have seen an improvement in our already historic low rates.
Watch for rate volatility today. The 5 year treasury note auction is this afternoon at 1:30. Stronger than expected demand may lead to lower rates.
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Thank you for your remarks. I will review your submission and post it accordingly. Dave.