Leading Economic Indicators (LEI) from the Conference Board
There were two mortgage rate-relevant economic reports posted late this morning. The Conference Board announced a 0.6% rise in their Leading Economic Indicators (LEI) for July. This was slightly higher than the 0.5% that was expected, but not enough of a variance to cause much concern. The index attempts to measure economic activity over the next three to six months, so they are pointing towards moderate growth this fall. By theory, that is unfavorable news for mortgage rates since it hints at economic growth. However, because it was a small miss from forecasts and the report isn’t considered to be an upper tier release, we have not seen a reaction to the news.