New Home Sales
January's New Home Sales was posted at 10:00 AM ET, revealing a 7.9% spike in sales of newly constructed homes. This was the highest number of sales in almost 12 years. That jump, along with an upward revision to December’s sales, indicates the new home portion of the housing sector was stronger than many had thought. While that is bad news for bonds and mortgage rates in theory, the fact is that this report covers only approximately 10% of all home sales in the country. Therefore, it has had a minimal impact on today’s trading and mortgage pricing.