Daily Market Update 3/19/14

Mortgage rates held steady Wednesday in quiet trading ahead of this afternoon’s Federal Reserve announcement.  The Fed statement will come out at 2:00 PM, followed by Chairwoman Janet Yellen’s first press conference at 2:30.  No rate changes are expected, although some investors think the Fed will alter the language of its guidance for future rate hikes.  If that happens, rates may become highly volatile.  The Fed is also expected to reduce bond purchases by another $10 billion per month as it continues to unwind its stimulus program known as quantitative easing.

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