Daily Market Update 6/22/11

Rates inched lower Wednesday ahead of this afternoon’s Fed statement and news conference.  The Federal Open Market Committee (FOMC) of the Federal Reserve is currently meeting to discuss monetary policy.  Analysts do not expect the Fed to raise rates or tighten policy while the Unemployment Rate is high.  Investors are likely to focus on the Fed’s outlook for the economy.  Last night, Greek Prime Minister George Papandreou survived a confidence vote, clearing the way for further austerity measures.  The Mortgage Bankers Association weekly purchase activity index fell 2.8%, while the refinancing activity index declined by 7.2%.  Average reported 30-year fixed rates rose to 4.57%, not including fees.  Today’s Fed Press Conference will take place at 2:15 PM.

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