Daily Market Update 9/21/10

Mortgage rates improved slightly Tuesday as members of the Federal Open Market Committee (FOMC) of the Fed met to discuss monetary policy. A statement will be issued following the meeting at around 2:15 PM et. While no rate changes are expected, investors are waiting to see what other steps, such as the purchase of Treasurys and mortgage-backed securities, the Fed might be considering to stimulate the economy. Recent comments indicate the Fed will only take further stimulative action if the economy deteriorates significantly. This morning, August Housing Starts rose 10.5%, beating expectations. No other data will be released today.

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