Daily Market Update 2/18/14

Mortgage rates were little changed Tuesday following the release of weaker than expected economic data.  This morning, the Empire State regional manufacturing index declined to 4.5, far below expectations.  Readings above zero indicate expansion in the manufacturing sector.  The National Association of Home Builders monthly sentiment index fell sharply to 46 from 56 in January, the largest monthly drop ever.  Severe weather throughout much of the U.S. was cited as a contributing factor in the decline.  Readings below 50 indicate contraction in the construction sector.  Stocks moved lower on the report.  No other key data will be released today.

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