Seattle Mortgage Rates Today 10/22/12: As with most Mondays, there is not much to report today.  There are not many market-altering reports due this week but the first reading for the 3^rd quarter GDP on Friday.  Keep in mind that the GDP for the 2^ndquarter was a low 1.3%.

This week also brings us the Federal Open Market Committee (FOMC) that commences on Tuesday afternoon and will wrap up on Wednesday.  As with the last several meetings, the Fed is not expected to raise the Federal Funds Rate which currently sits at 0.25%.

Mortgage bonds opened ever-so-slightly lower but have been able to maintain a steady hold.  This result is most likely due to the upsurge of mortgage loan originations this past month.  Historically low rates and a competitive housing market have people either buying or refinancing.