Mortgage Market Update 6/18/19

Mortgage rates moved lower Tuesday in volatile trading as the Federal Open Market Committee of the Federal Reserve began its two-day meeting to discuss monetary policy.  A policy statement will be released tomorrow at 2:00 PM.  In other news, the European Central Bank (ECB) unexpectedly indicated that it may introduce additional economic stimulus measures as early as next month.  President Trump said that he and Chinese President Xi Jinping had a “very good” telephone conversations and will have “an extended meeting” at next week’s G-20 summit.  Stocks rallied on hopes for progress in trade negotiations between China and the U.S.  Also of note, May Housing Starts fell to an annual rate of 1.27 million units, slightly above expectations.  No other key economic data will be released today.

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