The Federal Reserve announced a 25 basis point rate hike this week which was expected. Additionally, the European Central Bank announced that there would not be rate increases in Europe until the 3rd quarter of 2019. These two events offset each other and mortgage interest rates ended the week slightly lower.
Next week the following events will occur and economic data will be released:
- The Housing Start report will be released on Tuesday;
- The Existing Home Sales report will be released on Wednesday; and
- The Philly Fed report will come out on Thursday.