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It’s Fed Day.  The Federal Open Market Committee will conclude its two day closed-door session with a press conference at 12:30 MDT.  It is anticipated that the Fed will address whether they will hold course and maintain rates at near zero levels for “a considerable time”.  That “time” has been hitherto been interpreted as second or third quarter of 2015.
The economic date released since the last meeting has not been what anyone could consider “strong”; today’s Consumer Price Index shows prices at the consumer level have contracted by a fraction of a percent from last month–down 0.2% versus an anticipated flat reading of 0%.
On the other side, the National Association of Home Builders’ Housing Market Index rose four points to 59 today (the threshold of 50 and above represents an optimistic outlook in the new construction arena).
Thirty year FHA loans are at 3.625% and Conventional loans are at 4.125%. Fifteen year rates are way lower at 3.0% (APR will be higher, depending on the loan and down payment amounts, and amortization term–as closing costs and the presence of mortgage insurance affect each loan differently.)