Daily Market Update 12/16/14

Rates held steady Tuesday as mortgage-backed securities recovered from yesterday’s late sell off.  Concerns about global economic growth have recently pushed mortgage rates to their lowest levels since May 2013.  In economic news, November Housing Starts declined by 2% to 1,028,000 annual units, short of expectations.  The Fed began its periodic two-day Federal Open Market Committee meeting today to discuss monetary policy.  Investors will be seeking clues about the timing of future rate increases.  The meeting will wrap up tomorrow and the Fed will release its policy statement at 2:00 PM.  No other key data will be released today.

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