Durable Goods Orders
Tomorrow brings us the most important economic report of the week, even though it is not considered to be a key piece of data. June's Durable Goods Orders report tracks news orders for big-ticket products that are expected to last three or more years, such as airplanes, appliances and electronics. Weaker manufacturing activity is generally favorable for the bond market and mortgage pricing. Therefore, a larger than expected decline of 11.0% would be considered good news for rates. A note about this data is that it is known to be extremely volatile from month to month, so a moderate difference between forecasts and the actual reading may not move the markets or mortgage rates like it would if it came in other reports.