http://MikesDailyMarketReport.com: There are no economic data to report today; however, we did receive the MBA's weekly Mortgage Application, which was lower than last week's report (despite lower rates). This was for both purchase and refinance applications! Stocks are still in Mixed Territory, as the S&P (again) the lone index in Positive Territory. The FOMC wraps up it's meeting today with Chair Powell providing his announcement at 11:15am PST. Nothing is expected to change, as the Fed has been very consistent with it's message. The Markets still seem to be pulling back just before his announcement, so it could be a bit volatile after he gives his press brief. The same for the MBS Market, as it started much lower and even poked it's head in positive territory to now sitting Down 3bps. Currently, Mortgage Rates are Unchanged from yesterday's close. This could quickly change after Investors react to the Fed's announcement. Yields have skyrocketed to 1.64%; jumping above several ceilings to reach it's 25 DMA.
Please subscribe to my YouTube Channel at MikesDailyMarketRpt
Also, these videos are base on my views and not represented by any other entity, but my own. I work as a Loan Officer, and if you'd like information on Mortgages, or how I can assist you, then please direct message me.