Weekly Information 9/24

Mortgage interest rates improved slightly this past week as the Fed indicated that it “is prepared to provide additional accommodation to support the economic recovery” at the conclusion of its FOMC meeting. It is implying that it is prepared to purchase more Treasuries to help keep interest rates low if the recovery stalls. Economic data was mixed. August Housing Starts and Building Permits improved substantially, but from weak levels in July. August Existing Home Sales were better than expected but are at their second lowest level since 1997. August Durable Goods Orders were in line with expectations. Excluding transportation orders, though, durable goods orders increased more than expected. Weekly jobless claims increased more than expected and August New Home Sales were weaker than expected.