Daily Market Update 7/27/16

Mortgage rates held steady ahead of this afternoon’s Fed policy statement.  The Federal Open Market Committee wraps up its two-day meeting and will release a statement at 2:00 PM.  No rate changes are expected but investors will be looking for clues about the timing of future increases.  In economic news, June Durable Goods Orders fell 4.0%, far below the consensus forecast for a decrease of 1.0%.  June Pending Home Sales rose 0.2%, short of expectations.  Low inventory of homes listed for sale was blamed for the disappointing results.  No other key data will be released today.

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