September 11th, 2015 1:45 PM by Jonathan White
Mortgage Market News for the week ending September 11,
President and CEO
Mortgage Broker | NMLS ID: 3443
Blue Door Mortgage, LLC
1280 Centre Street
Newton, MA 02459
little market moving economic news for mortgage rates over the past week.
Ahead of the upcoming Fed meeting, mortgage rates again ended the week
with little change.
remain divided about whether the Fed will raise the federal funds rate on
Thursday. Fed officials have stated that policy decisions will be
determined by the performance of the economy, but recent comments reveal
mixed views on whether the conditions for a rate hike have been met. The
labor market has continued to perform well, but the inflation rate
remains well below the Fed's target level of 2.0%. The uncertainty
about the outcome makes it likely that Thursday's Fed statement and press
conference will cause a large market reaction.
decline in the unemployment rate to a multi-year low seen last week,
additional labor market data released on Wednesday contained more good
news for the economy. The JOLTS report indicated that job openings
in July jumped to the highest level since the data collection began in
the "quit" rate remained high. Economists generally view a
willingness for employees to voluntarily leave their jobs as a sign that
they have confidence in their prospects for finding a new job. The number
of hires declined in July, possibly indicating that employers need to
raise wages to attract workers.
anticipated Fed statement and press conference will take place on
Thursday. With investors divided about the outcome, it likely will be a
volatile session. Before that, Retail Sales will be released on
Tuesday. Retail Sales account for about 70% of economic activity. The
Consumer Price Index (CPI), the most closely watched monthly inflation
report, will come out on Wednesday. CPI looks at the price change for
finished goods which are sold to consumers. Housing Starts will be
released on Thursday.