There isn’t too much to report from yesterday. After a weak open, prices of mortgage backed securities moved sideways before eventually closing the day where they began. While there were no reports of lenders repricing for the worse, mortgage rates did move higher compared to last Friday's levels. Today is day one of the Federal Open Market Committee’s two day meeting where our nation’s monetary policy is set. These meetings occur approximately every six weeks and are considered one the most influential events for all markets. At these meetings, the Fed sets the federal funds rate which serves as a benchmark for all other rates. Currently, the fed fund rate sits in a range of 0% to 0.25%, it is widely accepted that there will be no change to that rate. On day one, nothing...(read more)

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