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Rates Hold Steady After Fed; New Home Sales Near 8-Year High; Refis Outpacing Purchases

Rates Hold Steady After Fed; New Home Sales Near 8-Year High; Refis Outpacing Purchases

Mortgage rates pulled off a come-from-behind victory following today's Fed Announcement. This time around, the Fed wasn't at all likely to make any changes to the Fed Funds rate, but investors were still curious to see how the Fed worded the statement in light of January's market turmoil. As far as Fed statements go, today's ended up being noticeably more gloomy and markets reacted accordingly. Stocks and rates both fell in the afternoon. Before than rates began the day in slightly higher territory. That means most lenders released positively revised rate sheets after the Fed statement. The improvements brought the average lender right back in line with yesterday's rates, themselves inline with recent multi-month lows. The most prevalently-quoted conventional 30yr fixed rate remains in a range
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