Mortgage Rates Steady Ahead of FOMC Statement
Mortgage rates were mostly unchanged yesterday as the economic calendar was empty and the market settled in for another FOMC statement. Prices of mortgage-backed securities did manage to move marginally higher following a successful auction of 2 year Treasury notes, which saw the highest demand in over a year. The small price appreciations led to scattered reprices for the better as secondary market gains held into the close, however it should be noted that reprices were not significant enough to lower the par conventional 30 yr mortgage rate.
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