Today will mark the end of the two day FOMC (Federal Open Market Committee) or FED meeting that began on Monday and is the fourth or eight annual meetings.
Once the meeting has finished, the FOMC will release a press release with its commentary on recent economic data, world events that might affect US markets and their thought on the economy moving forward.
They will also announce any changes they’ve voted on that effect monetary policy including whether to change the FED Funds Rate (the rate at which banks lend each other overnight).
Volatility Until Meeting is Over
Expect volatility in the equities (stock) and bond markets until the FOMC makes its announcement. Their words can move markets in a matter of seconds, so expect volatility post announcement as markets react to their statements. Mortgage rates, equities and bonds may all have dramatic moves leading up to the meeting announcement and post announcement as well.
Where Are Mortgage Rates Now?
Last week mortgage rates made new all time historic lows, again. This is a theme we’ve repeated over and over for many weeks and months, not a bad problem to have! Considering the volatility of a pre-FOMC market, any mortgage rates we publish here will likely not be valid by the time you read this as they will very likely have changed.
To get an up to the minute mortgage rate quote, please use the fast quote form above or call us directly. We can also answer any questions you might have regarding loan programs and which programs make the most sense for your needs.