Daily Market Update 3/15/17

Mortgage rates inched lower Wednesday despite today’s short-term rate increase by the Fed.  As widely expected, the Fed raised the Federal Funds Rate by 1/4%, but the accompanying policy statement and subsequent comments by Fed Chair Janet Yellen indicated the pace of future rate hikes remained virtually unchanged from the prior forecast.  There was also no change in language regarding the Fed’s massive holdings of mortgage-backed securities, easing many investors’ fears.  In economic news, the February Consumer Price Index and Retail Sales both rose by 0.1%, in line with expectations.  No other key data will be released today.

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