Daily Market Update 9/21/11

Rates held steady Wednesday in quiet trading ahead of the Fed meeting.  Fed officials are divided about whether to ease monetary policy further to stimulate the economy.  Many investors believe that the Fed will announce a plan to decrease its quantity of short-term Treasury holdings and increase its long-term holdings.  The highly anticipated announcement will take place at 2:15 PM.  In economic news, August Existing Home Sales jumped 7.7%, well above expectations, to an annual rate of 5.03 million units.  The Mortgage Bankers Association weekly purchase activity index fell by 4.7%, while the refinancing activity index rose by 2.2%.  Average reported 30-year fixed rates remained unchanged at 4.29%, not including fees.

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