Mortgage Update: Rates are inchin upwards

Here is an update on where rates currently stand today, we have seen it steadily increase for the last week. 
30 Yr Fixed – 5.375% (0 points)
15 Yr Fixed – 4.875% (0 points)
FHA – 5.5% (0 points)
Investment – 5.125% (1 point) - 25% down payment required

*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

This afternoon a big supply of Bonds will hit the market at 1pm ET, when the Treasury will auctions off $40B in 2-year T-Notes. This could put some downward pressure on Mortgage Bonds as this additional supply will need to be soaked up by the market. It’s the old supply and demand rule.

The Fed begins its two day meeting this morning with the big interest rate decision and policy statement coming tomorrow. The world will be listening and holding on to every word when the statement is released tomorrow.  Will we hear the deflation or inflation word?   It could be a market mover.