``The volatility and defensiveness we've seen in the first three days of this week have largely been in anticipation of tomorrow's FOMC Announcement. It's the biggest potential market mover in quite some time and could prove to be terribly damaging to rates, or extremely beneficial if the Fed happens to announce open-ended buying that includes the Secondary Mortgage Market. Either way, the POTENTIAL movement is huge. With best-execution for 30yr Fixed Conventional loans STILL at the same levels as last week, and STILL near all time lows, it's a risky environment in which to be floating. ''

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