The Fed has spoken and while they have chosen to leave the benchmark alone, mortgage backed securities are reacting negatively. The benchmark FNMA 30 Yr. 5.5% note is currently down 15 basis points. This is down 12 for the day since most lenders came out with rates. While this normally isn't enough for lenders to reprice, it bears watching.

(Since writing this one of my lenders has already given a re-price for the worse.)

We've seen rates fairly steady for the last week and it will be interesting to see just what this news brings to long term rates..