Daily Market Update 9/20/17

Mortgage rates were little changed ahead of this afternoon’s Fed announcement.  The Federal Open Market Committee of the Federal Reserve will wrap up a two-day meeting at 2:00 PM and release a policy statement, followed by a press conference at 2:30.  No rate changes are expected, but investors will be looking for clues about the timing and pace of future rate increases.  The Fed is also expected to address its planned reduction in holdings of Treasuries and mortgage-backed securities, which may put upward pressure on long-term interest rates.  In other news, the National Association of Realtors said August Existing Home Sales fell to 5.35 million annual units, a bit below expectations.

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