Daily Market Update 3/16/15

Mortgage rates were little changed Monday following the release of weaker than expected economic data.  This morning, the Empire State regional manufacturing index fell to 6.9, a bit below expectations.  Readings above zero indicate expansion in manufacturing in the New York region.  February Industrial Production rose 0.1%, below the consensus forecast of 0.3%.  The National Association of Home Builders Housing index fell unexpectedly to 53.  Readings above 50 indicate more positive than negative builder sentiment.  Stocks moved higher.  The Fed will begin its two-day Federal Open Market Committee meeting tomorrow to discuss monetary policy and will release a statement on Wednesday around 2:00 PM.  No other key data will be released today.

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