US Sept new home sales 0.738m vs 0.720m expected

• Prior was 0.716m (revised to 0.709m)
• Sales up 4.1% vs -2.3% prior

Earlier today, Whirlpool warned about a soft housing market.

“General housing market… is still in a very soft spot. And that’s — we all know, is ultimately driven by mortgage rates. But then the pre-election consumer sentiment is just not good,” said CEO Marc Bitzer.

It’s well known that US housing is struggling but there is optimism it could rebound next year with rate cuts. What isn’t yet priced in is the potential for the Fed to pause after a couple more cuts and an ongoing turn higher in 30-year rates that could nudge 30-yaer fixed mortgages back to 7%.

This article was written by Adam Button at www.forexlive.com.