Daily Market Update 8/16/16

Mortgage rates were little changed Tuesday on mixed economic data and hawkish comments by New York Fed President William Dudley.  This morning, Dudley suggested that a Fed rate hike may take place sooner than investors expect, perhaps as early as September.  In economic news, the July Consumer Price Index (CPI) was unchanged from June and 0.8% higher than one year ago.  Core CPI, which excludes volatile food and energy components, rose by 0.1%, below expectations.  Separately, Industrial Production increased 0.7% in July, beating forecast.  July Housing Starts jumped 2% to a rate of 1,211,000 annual units, above the consensus of 1,180,000.  No other key data will be released today.

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