After moving higher following a worse than anticipated read on Retail Sales last Friday, mortgage rates made modest improvements yesterday. Activity in the fixed income marketplace was pretty boring though. Mortgage backed securities traded in an extremely tight price range as market participants sat on the sidelines in anticipation of the release of the FOMC Statement today. Before talking about the Federal Reserve, we have a few economic indicators to recap. First out this morning Housing Starts and Building Permits. Housing Starts data estimates how much new residential real estate construction occurred in the previous month . New construction means digging has begun. Adding rooms or renovating old ones does not count, the builder must be constructing a new home (can be on old foundation…(read more)
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