Market Overview - New home sales in June came in at 627,000 seasonally adjusted annualized units, below the expected 650,000 [1] - June's figure is only slightly above the seven-month low of 623,000 from the previous month, representing an increase of approximately 05% [1] - The spring shopping season was weak, leading to building inventory in new homes [2] - Weakness is observed in existing home sales as well [2] Interest Rates and Fed Policy - Interest rates remain persistently high [2] - There are no guarantees regarding the tenure even if the Fed lowers rates [2] - The twos 10 spread has been hovering around 50 basis points, with little movement expected due to the upcoming Fed meeting [3]