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Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its target range of 0.000-0.250 percent. Mortgage rates are rising.
The Federal Open Market Committee called economic growth "disappointingly slow" and pledged another $600 billion to bond markets. Mortgage markets expected more; rates are slowly rising.
There were no surprises in the Fed’s statement so, as a result, the mortgage market's reaction to the release has been neutral. Mortgage rates in Ohio are thus far unchanged this afternoon.
The Fed is keeping the Fed Funds Rate in its target range of 0.000-0.250 and has closed all but one of its emergency liquidity programs. Get the breakdown of the Fed's statement and what it means to mortgage rates.