Mortgage Market Update 12/13/17

Mortgage rates were little changed Wednesday ahead of today’s Federal Reserve announcement.  The Fed will wrap up its two-day Federal Open Market Committee meeting to discuss monetary policy and release a statement at 2:00 PM, followed by Fed Chairwoman Janet Yellen’s press conference at 2:30.  It is widely expected that the Fed will raise short-term interest rates by 0.25%.  Investors are more likely to react to clues about the timing of future increases.  In today’s economic news, the November Consumer Price Index (CPI) rose 0.4%, matching forecast, and was 2.2% higher than one year ago.  Core CPI, which excludes volatile food and energy components, increased 0.1%, less than expected, and was a tame 1.7% higher year-over-year.

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