This morning we received some mortgage rate friendly news on the PPI (producer price index) showing that overall inflation was flat last month. This bit news is just hours before the Fed wraps up their two-day meeting and announcement on any movement with the Fed Funds Rate at 11:00 PST. Stay tuned! I will continue to update this post today.
11:00 am update: As expected, the Fed leaves the funds rate unchanged. Mortgage-backed securities are up about 37 bps.
1:00 pm: Mortgage rates are pretty happy with the results of today’s meeting and are remaining up around 30 bps.
Here’s a short video where I review how mortgage rates have reacted to today’s news. Mortgage rates have been improving 🙂
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