Mortgage Market Update 10/31/19

Mortgage rates inched lower ahead of this afternoon’s Fed announcement. The Federal Open Market Committee will wrap up its two-day meeting to discuss monetary policy at 2:00 PM and issue a policy statement. It is widely expected the Fed will lower short term rates by 0.25%, but investors will be largely focused on the accompanying statement for clues about the timing of future moves. Most mortgage rates are not tied directly to changes in short term rates. In economic news, payrolls firm ADP reported private sector job gains of 125,000 in October, beating forecast. Separately, third quarter GDP growth was estimated at 1.9%, above the consensus forecast of 1.6%. No other key economic data will be released today.

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