Mortgage Market News

U.S. Stocks opened lower this morning as investors await the Fed’s decision this week on whether or not to raise the benchmark Fed Funds Rate for the first time in nine years. While many believe the rate will increase before year’s end, growing skepticism is mounting that an increase will be announced in Thursday’s Monetary Policy Statement. Signs of sustained economic recovery remain mixed both here and abroad.
The Shanghai Composite Index fell 2.7 percent, the most in three weeks. Recent data continues to suggest the Chinese economy is weaker than expected. Lower industrial output as well as the slowest pace of investment since 2000 are among the latest data points.
In its monthly report, the Organization of the Petroleum Exporting Countries (OPEC) stated it expects demand for its oil to increase 30.31 million barrels per day next year. Despite lower global demand, OPEC cited its strategy to let oil prices fall as a reason for a reduction in global surplus.
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