Durable Goods Orders
December’s Durable Goods Orders report was also released at 8:30 AM ET. It showed that new orders for big-ticket products fell 0.9% last month in a sign of manufacturing sector weakness. Forecasts were calling for a 0.5% decline. Unfortunately, this data is known to be quite volatile from month to month, so the variance between expectations and the actual decline are not nearly as meaningful as it would have been in many other reports. So, while we can label the report as good news for mortgage rates, it hasn’t had much of an influence on this morning’s pricing.