Daily Market Update 9/17/14

Mortgage rates were unchanged Wednesday ahead of this afternoon’s Federal Reserve policy statement.  In economic news, the August Consumer Price Index (CPI) declined by 0.2%.  Core CPI, which excludes food and energy components, was unchanged, below the consensus forecast of +0.2%.  Both the CPI and Core CPI were 1.7% higher than one year ago.  The National Association of Home Builders housing survey rose to 59, beating expectations.  Readings above 50 indicate positive builder sentiment.  The Fed will wrap up its two-day FOMC meeting and release a policy statement at 2:00 PM, followed by a press conference with Fed Chairwoman Janet Yellen at 2:30.  Rates may be volatile this afternoon.

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