Mortgage Market Update 1/30/19

Mortgage rates were little changed Wednesday ahead of this afternoon’s Fed announcement.  The Federal Open Market Committee of the Federal Reserve will wrap up its two-day meeting and release a policy statement at 2:00 PM.  No rate changes are expected, but investors will be seeking clues about the pace of future monetary policy tightening.  In economic news, the National Association of Realtors reported December Pending Home Sales fell 2.2%, well below the consensus forecast for an increase of 0.5%.  December sales were 10% lower than one year ago.  Separately, payrolls firm ADP estimated January private sector job growth of 213,000, easily beating estimates.  No other key data will be released today.

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