Daily Market Update 12/16/15

Mortgage rates were little changed Wednesday ahead of this afternoon’s Fed announcement.  It is highly expected that the Fed will raise the Federal Funds Rate for the first time in nearly 10 years by 0.25%, but investors will be looking for guidance about the pace of future rate hikes.  The Fed policy statement will come out at 2:00 PM, followed by Fed Chairwoman Janet Yellen’s press conference at 2:30.  In economic news, November Housing Starts jumped 11% to an annual rate of 1,173,000, above the consensus forecast of 1,140,000.  Single-family starts rose to the highest level since January 2008.  Separately, Industrial Production declined by 0.6%, below expectations.

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