This weekend I spent a little time in the Miami Airport and overheard two people discussing how they were waiting for a builder in Tennessee to finish their home… And hoping rates didn’t go higher. I remained mum. No one knows exactly where rates will go, but I can guarantee you that initial jobless claims for several Thursdays to come will be wonky given government firings. (Lenders are also concerned about the regulatory landscape, and Regulation Central, today at 3PM ET, will explore the whirlwind of leadership turnover at the CFPB, with four directors in just 30 days. As Jonathan McKernan steps in, what direction will the agency take?) In a holiday- and data-light week, investors will be focusing on the January housing data for the U.S., including housing starts on Wednesday and existing home sales on Friday. Zelman reports that, “Unlike 2024, this year’s spring selling season is not off to an early start. While both homebuilder sentiment and orders demonstrated a modest seasonal uplift in January, the magnitude of this increase was underwhelming, representing the smallest January increase recorded in our survey history across both metrics.” (Today’s podcast can be found here and this week’s is sponsored by nCino. nCino Mortgage Suite’s three core products, nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics, unite the people, systems, and stages of the mortgage process. Hear an interview with Rocket’s Bill Emerson on leading both individuals and a company through the digital age of mortgage.)