Mortgage Market Update 1/31/18

Mortgage rates were little changed Wednesday ahead of this afternoon’s Fed statement.  The Federal Reserve will wrap up it’s two-day meeting to discuss monetary policy and release a statement at 2:00 PM.  No rate changes are expected, but investors will be seeking clues about the timing and pace of future rate increases.  In economic news, payrolls firm ADP estimated January private sector job growth of 234,000, well above the consensus forecast of 195,000.  The Chicago Purchasing Managers Index fell to 65.7, beating expectations for a decline to 64.0.  Readings above 50.0 indicate expansion in manufacturing in the Midwest region.  The National Association of Realtors announced December Pending Home Sales rose 0.5%, in line with forecast.  The market continued to suffer from lack of inventory, which reached its lowest level since tracking began in 1999.  Stocks moved higher.  No other key data will be released today.

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