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Today's Rate Volatility: HIGH What happened yesterday? Mortgage backed securities (MBS) gained +5 basis points from Monday's close which caused 30 year fixed rates to move slightly sideways. The benchmark FNMA 4.0 October Coupon  traded in a very narrow range all day, unable to break above our new (and lower) ceiling of resistance. Both Headline and Core CPI were very tame and a little lighter than market expectations but were not enough of a miss to move pricing. The Home Builders Index was very strong but matched market expectations and is too low level of a report to impact pricing. It was a very mild day...perhaps the "calm before the storm" in relationship to Wednesday's FOMC meeting. What is on the agenda for today? Don't miss out on the mortgage industry's premiere insight and commentary. Subscribe to RateAlert Executive today and get today's lock advice, complete market commentary and forecast for today, and watch the full Morning Coffee Update video with Bryan McNee - all available only to our Executive subscribers.