Q4 GDP – Gross Domestic Product grew at an annualized pace of 3.2%, which is a decline from the expected 3.3% and much lower than Q3 4.9%.

What this means is the economy is slowing. Not quickly which is good, but still slowing.

PCE – Personal Consumption Expenditures numbers come out tomorrow. The expectation is inflation will drop from 2.6% to 2.4-2.3%.

What this means is more data for the FEDs to start cutting rates.

Below graph is the Purchase Volume vs the interest rate. You can clearly see the slowdown in the market.

What this means is less competition. Fewer purchase applications means less buyers to compete with.