The Federal Open Market Committee (FOMC) had its first meeting of the year at the end of January. The decision was made to hold benchmark interest rates steady at 5.25% to 5.50% for the fourth consecutive meeting.
Chairman Jerome Powell acknowledged that good progress has been made, but downplayed any likelihood of cutting rates at the next FOMC meeting in March. 
US inflation is currently at 3.35%. The Fed doesn’t expect to lower rates until it has greater confidence that inflation is moving sustainably toward their 2% goal. 
Mortgage Update
Freddie Mac reported that mortgage rates dipped after the Fed meeting, bringing the national average on 30-year fixed-rate mortgages down to 6.63% on February 1st. 
According to Freddie Mac’s Chief Economist, Sam Khater, the combination of a solid economy, strong demographics, and lower mortgage rates are setting the stage for a more robust housing market.
Khater stated, “Mortgage rates have been stable for nearly two months, but with continued deceleration in inflation we expect rates to decline further.”
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