Updated on September 30, 2016 11:13:27 AM EDT
There were two pieces of economic data posted this morning. The early release was Augusts Personal Income and Outlays at 8:30 AM ET. It showed a 0.2% rise in income and no change in the spending reading. The income reading pegged forecasts, indicating that consumers had a little more money to spend than they did in July. However, the flat spending was softer than what analysts were expecting to see (up 0.2%). Since consumers spent less than thought, we can consider the data slightly favorable for mortgage rates. Unfortunately, the early stock rally is preventing much of a reaction to this news.