Mortgage Market Update 9/19/19

Rates were little changed Thursday following yesterday’s Fed rate cut.  The Federal Reserve announced a 0.25% reduction in the Fed Funds Rate on Wednesday.  The move was widely anticipated by investors.  In other economic news, the National Association of Realtors reported existing home sales rose 1% in August to the highest level since March 2018, easily beating expectations.  The inventory of existing homes for sale was 3% lower than one year ago, while the median price was 5% higher.  No other key data will be released today.

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