Daily Market Update 3/15/16

Mortgage rates held steady Tuesday as the Fed began its periodic two-day FOMC meeting to discuss monetary policy.  In economic news, February Retail Sales declined 0.1%, matching forecast.  January figures were revised down from +0.2% to -0.4%.  The February Producer Price Index (PPI) fell 0.2%, in line with expectations.  Core PPI, which excludes volatile food and energy components, was unchanged.  The National Association of Home Builders housing index remained at 58.  Readings above 50 indicate more positive than negative builder sentiment.  No other key data will be released today.

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