U.S. government debt prices fell on Monday after the release of housing market data.
The National Association of Homebuilders housing index for May dropped 2 points and now stands at 54. Fifty is the line between positive and negative sentiment.
"Bottom line, new home sale trends remain so far below historically averages that there is huge runway for future growth. That said, and I'll say for the umpteenth time, until the first time household is more interested than buying instead of renting, the so called 'pent up demand' will remain just that, pent up," Peter Boockvar, chief market analyst at The Lindsey Group, said in a note.
April housing starts figures are due on Tuesday, followed by existing home sales numbers on Thursday.