Daily Mortgage Comment

Tuesday’s bond market has opened in positive territory as investors await today’s FOMC meeting results. The stock markets are mixed with the Dow down 21 points and the Nasdaq up 3 points. The bond market is currently up 12/32, which will likely improve this morning’s mortgage rates by approximately .250 of a discount point.

There is no relevant economic news scheduled for release today, but this afternoon does brings us the results of today’s FOMC meeting. There seems to be a slight consensus that another rate cut is coming today, but with much debate on the size. Some are predicting a quarter point cut while others are calling for a half point. There are still some analysts that think the Fed may wait until early next year before making another move.