Today we find the yield on the 10-yr up to 4.49% ahead of tomorrow’s much anticipated FOMC meeting. The market expects the Fed to cut the official funds target rate by at least 25 basis points (the first since June 2003): the futures market is trading at a 100% likelihood of a 25 bp cut but only a 10% likelihood of a 50 basis point cut.
Daily Mortgage Rates
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