Markets will be focused on FOMC today

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Published Date 9/20/2023

At 9 am ET the 10 yield at 4.33% -3 bps, MBS prices +14 bps.

At 9:30 am the DJIA opened +66, NASDAQ +11, S&P +8. 10 year note 4.33% -3 bp. FNMA 6.0 30 year coupon at 9:30 am +15 bps from yesterday’s close and +3 bps from 9:30 am yesterday.

Weekly MBA mortgage applications this morning increased; the composite +5.4%, purchase apps +2.3% and refinances jumped 13.2% from the prior week. Mortgage applications increased last week. Purchase apps -26% year/year, refinances -29% year/year. The refinance share of mortgage activity increased to 31.6% of total applications from 29.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.2% of total applications.

Look for quiet now until 2 pm through 3:30 pm when volatility will occur, digesting the policy statement and Powell’s press conference. The Federal Open Market Committee will keep rates steady at its meeting in a range of 5.25% to 5.5%, a 22-year high. The rate decision and committee forecasts will be released at 2 pm in Washington. Chair Jerome Powell will hold a press conference 30 minutes later. The increase in food and energy costs, usually ignored by the Fed is going to get questions for Powell this afternoon.

Source: TBWS

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Guardian Mortgage, a division of Sunflower Bank, N.A.

Dean Wegner

Mortgage Area Manager

NMLS: NMLS# 220741

Guardian Mortgage

16430 N Scottsdale Rd #120, Scottsdale AZ

Company NMLS: Dean Wegner

Office: 602-432-6388

Cell: 480-286-3303

Email: deanwegner@gmc-inc.com

Web: https://www.guardianmortgageonline.com/loanoriginators/Dean-Wegner