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Mortgage Market Update 11/28/18

Rates inched lower Wednesday following Federal Reserve Chairman Jerome Powell’s speech to the Economic Club of New York during which he indicated interest rates “remain just below the broad range of estimates of the level that would be neutral for the economy”.  Investors perceived the comments to indicate the Fed may pause from raising rates further after an anticipated 0.25% increase in December.  Stock and bond markets rallied.  In other economic news, October New Home Sales fell to 544,000 annual units, well below the consensus forecast of 575,000, however previous monthly results were revised higher.  No other key data will be released today.

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