New Home Sales
January's New Home Sales report was posted at 10:00 AM ET this morning, revealing a 1.5% rise in sales of newly constructed homes. This was a smaller increase than was expected, but does show a bit of strength in the new home portion of the housing market. Fortunately, last week’s Existing Home Sales report covers most of the home sales in the U.S., leaving this version to cover a small percentage. Accordingly, we can label the report neutral to slightly favorable for mortgage rates.