University of Michigan Consumer Sentiment (Rev)
The final report of the week was July's University of Michigan Index of Consumer Sentiment at 10:00 AM ET. It came in at 93.4, just a bit higher than the 93.1 from earlier this month. Analysts were expecting to see no change from that preliminary reading, meaning consumer sentiment was slightly stronger than thought this month. Since strengthening confidence usually translates into higher levels of consumer spending, we should consider this news slightly negative for mortgage rates. Fortunately, this is only a moderately important report that showed a slight variance from forecasts.