Wednesday: FOMC Announcement

From Matthew Graham at MortgageNewsDaily: Mortgage Rates Continue Edging Slightly Higher From Recent Lows

Mortgage rates have fallen almost every single day in April. By the end of last week, that meant the average lender was offering the lowest conventional 30yr fixed rates in more than a month. The first two days of the current week have taken rates in the other direction, albeit at a very modest pace.

To be fair, sub-3% rates are currently available–especially for purchases–but they’re the exception. The average lender is closer to 3.125% on refi transactions, and 3.25% for cash-out refis. Well-qualified borrowers who are willing to pay points (aka, higher closing costs in exchange for a lower rate) can easily get under 3%. [30 Year Fixed Average 3.14%]

• At 7:00 AM ET, The Mortgage Bankers Association (MBA) will release the results for the mortgage purchase applications index.

• At 2:00 PM, FOMC Meeting Announcement. No change to policy is expected at this meeting.

• At 2:30 PM, Fed Chair Jerome Powell holds a press briefing following the FOMC announcement.