by Calculated Risk on 7/15/2024 07:13:00 PM

From Matthew Graham at Mortgage News Daily: Mortgage Rates' Impressive Winning Streak Faces Increasing Resistance

We occasionally reference 5 day winning streaks for mortgage rates as the sort of uncommon occurrence that greatly increases the odds of at least a temporary pullback. Longer streaks do happen, but odds of a pullback increase sharply after 8 days.

With all that in mind, today marked the 8th straight day of improvement in mortgage rates.[30 year fixed 6.81%]
emphasis added

Tuesday:
• At 8:30 AM ET, Retail sales for June is scheduled to be released.  The consensus is for no change in retail sales.

• At 10:00 AM, The July NAHB homebuilder survey. The consensus is for a reading of 44, up from 43. Any number below 50 indicates that more builders view sales conditions as poor than good.