Daily Market Update 3/21/18

Mortgage rates moved higher ahead of today’s Fed policy statement.  The statement will be released at 2:00 PM followed by Fed Chair Jerome Powell’s post-meeting press conference at 2:30.  Investors widely expect a 0.25% increase in the Fed Funds Rate and will be looking for clues about the pace of future rate hikes.  This is Mr. Powell’s first meeting as Fed Chairman.  In economic news, February Existing Home Sales rose 3% to an annual rate of 5.54 million units, above the consensus forecast of 5.40 million.  Inventory of existing homes for sale rose 5% from January, but remained 8% below one year ago.  The median existing home price was 6% higher year-over-year.

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