Mortgage Market Update 3/16/18

Mortgage rates were little changed Friday as stocks moved higher.  This morning, February Housing Starts fell 7.0% to an annual rate of 1,236,000 units, well below the consensus forecast of 1,285,000.  The decline was entirely due to multi-family units, however, as single-family starts rose 2.9%.  Industrial Production rose 1.1% last month, beating estimates.  Consumer Sentiment came in at 102.0, above expectations, to the highest level since January 2008.  The Job Openings and Labor Turnover Survey, or JOLTS, showed that job openings jumped to 6.30 million in January.  A decrease to 5.80 million had been expected.  The big news next week will be the two-day Fed meeting that will wrap up on Wednesday afternoon.  It is widely expected that the Fed will raise short-term interest rates by 0.25%.  No other key data will be released today.

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