Highlights
Last week's sales data on new and existing homes sales have eased concerns over the depth of the housing slowdown, as are January's mortgage applications which are pointing to further stability. MBA's purchase index edged higher to 408.0 in the Jan. 26 week, pushing the 4-week average up slightly to just over 430, which is up a bit from the 425 average this time last month.

Thirty-year fixed mortgages rose 7 basis points in the week to an average of 6.29 percent. Refinancings made up a smaller 47.4 percent share of total applications, down 4 tenths in the week, though the refinancing index rose 4.9 percent to 1,940.2.

A description of the housing market, and perhaps a positive one, is certain to be a big headline in today's FOMC statement. Next data on the housing market will be December construction spending later today with January pending home sales out tomorrow.