In The News...

The Federal Reserve members will release their FOMC statement today at 2:15pm ET and it is expected that there will be no change to the Federal Funds Rate, which currently is .25%. There will probably be no change in the wording of keeping rates "exceptionally low" for an "extended period" but this could be the last meeting for those statements.

The Commerce Department reported today that Housing Starts fell 5.9% in February to 575,000 from the upwardly revised level of 611,000 in January. Estimates were calling for 570,000 units. The snowstorms in the North and Southeast could have contributed towards the decrease. Building Permits came in at 612,000, ahead of the 601,000 anticipated.

Yesterday US Senate Banking Committee Chairman Christopher Dodd, D-Connecticut, unveiled his Financial Reform bill, a 1,336 page document that has been met with opposition by the Republican Party. Mr. Dodd wants Congress to act on the legislation before its 2-week Easter recess that begins on March 26.

Not much action in the capital markets today ahead of the Fed statement as traders and investors seem loathe to be taking on any new positions.

Brought to you, courtesy of The Mortgage Market Guide