At 10:00 am ET, we’ll get the January new home sales report.
Economists estimate the pace of sales fell 2.3% to an annualized rate of 470,000 units.
“This time series tends to be noisy and subject to revisions, particularly in the winter,” Bank of America Merrill Lynch economists said. “We therefore expect sales to slip back to 465,000 in January. However, there is a risk that sales remain strong in January given the notable gain in mortgage purchase applications, likely owing in part to lower rates.”