Daily Market Update 1/27/15

Mortgage rates held steady Tuesday following the release of mixed economic data.  This morning, December Durable Goods Orders fell unexpectedly by 4.3%, far below the consensus forecast for an increase of 0.5%.  Stocks moved sharply lower due to weak corporate earnings reports, partly because the stronger dollar is hurting exported goods and services.  Meanwhile, Consumer Confidence surged to 102.9 on lower gas prices.  A reading of 95.0 had been expected.  New Home Sales jumped to 481,000 annual units in December, easily beating forecast.  The S&P/Case-Shiller 20-city home price index reported a year-over-year increase of 4.3% in November, matching expectations.  The Federal Open Market Committee of the Federal Reserve began its two day meeting to discuss monetary policy.  The Fed will release a policy statement tomorrow at about 2:00 PM.  Results from today’s 2-year Treasury auction will come out at 1:00 PM.

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