Lake Tahoe Home Loans, Lake Tahoe Home Loan Rates, Lake Tahoe Mortgage Loans, Lake Tahoe Mortgage Loan Rates, and Lake Tahoe Mortgage Rates:
Wednesday’s bond market has opened down slightly but calm as traders anxiously wait for this afternoon’s Fed activities. The stock markets are following suit with the Dow down 11 points and the Nasdaq down 8 points during early trading. The bond market is currently down 2/32, which should keep this morning’s mortgage rates close to yesterday’s morning pricing.
There is no economic data being posted this morning that is relevant to mortgage rates. We do however, have afternoon events that could bring a great deal of volatility to the financial and mortgage markets. With no major changes in the Ukraine/Russia conflict nor any key economic data to drive trading this morning, market participants are simply standing pat until this afternoon.
Today’s events begin at 2:00 PM ET when this week’s two-day FOMC meeting adjourns. It is widely expected that Fed Chairman Yellen and company will not change key short-term interest rates at this meeting, although market participants will be watching the post-meeting statement closely for changes in verbiage that could indicate a swing in the Fed’s thought process and potential future move. They also will be watching for another adjustment to the Fed’s bond buying program or the pace that the Fed is reducing that campaign. Any surprises on these topics could heavily influence the markets and mortgage rates.
At the same time as the adjournment, we will get the Fed’s revised predictions on key economic benchmarks and possibly future monetary policy changes. Any significant revisions to the Fed’s outlook on unemployment, GDP growth or even a slight adjustment to their timetable for keeping key rates at current levels will also cause volatility in the markets and mortgage rates. Those will be followed by a 2:30 PM ET press conference hosted by Fed Chairman Yellen that should shed more light on the Fed’s current thought process and fears about economic growth and what impact recent geopolitical events may have on our domestic and the global economies. It is likely to be an active afternoon for the financial and mortgage markets, so please proceed carefully if still floating an interest rate and closing in the near future.
Tomorrow does have several pieces of economic data worth watching (weekly unemployment claims along with February’s Existing Home Sales and Leading Economic Indicators), but none of them are considered to be highly important.