Consumer Confidence Index (Conference Board)
Late tomorrow morning, the Conference Board will release their Consumer Confidence Index (CCI) for July. This index measures consumer sentiment, giving us an idea of consumer willingness to spend. If consumers are more confident in their own financial and employment situations, they are more apt to make large purchases in the near future. This is important because consumer spending makes up such a large portion of our economy. If the CCI reading is weaker than expected, meaning consumers were less confident than analysts thought and likely will delay making a large personal purchase, we may see bond prices rise and mortgage rates drop tomorrow. Current forecasts are calling for a reading of 124.5, which would be a decline from June's 127.3. The lower the reading, the better the news it is for mortgage rates.