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Should I Lock or Float? FED Minutes Reveal Rates Should Climb Before Years End

Federal Reserve to Meet this weekFOMC Minutes Suggest QE Tapering by Year-End

Ben Bernanke, Fed Chairman, blew up the bond and mortgage markets a month ago with his comments that the Fed is preparing to begin reducing the monthly purchases of treasuries and mortgage-backed securities. Rates spiked, and left folks shopping for mortgages, shaking their heads. The minutes for June’s meeting of the Federal Open Market Committee (FOMC) suggest that committee members are mostly in agreement that the current quantitative easing program (QE) should begin winding down by year-end, but the committee minutes are very clear about the committee’s intention to monitor inflation and ongoing economic and financial developments before taking action to reduce the current rate of QE. Read the rest of this entry »

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Posted by on July 11, 2013 in Federal Reserve

 

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Should I Lock Or Float This Week : May 13, 2013

Whats Ahead For Mortgage Rates This Week May 13 2013Over the past 7 trading days, Mortgage rates were wounded with 2 of the largest one-day spikes in over 2 years. Rates rose last week with average rates a 30-year fixed rate mortgage rising from last week’s 3.35 percent to 3.42 percent with buyers paying all closing costs and 0.7 percent in discount points.

We are in a definite “locking” bias at the moment. As I am publishing this blog, rates are still trending worse this Monday morning. Read the rest of this entry »

 
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Posted by on May 13, 2013 in Mortgage Rates

 

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Why The Sudden Change in Rates? Ask The Fed

Federal Open Market Committee Minutes Released 4-10-2013The minutes for the Federal Open Market Committee (FOMC) meeting held March 19 and 20 were released on Wednesday April 10, 2013. These periodic meetings by the FOMC cover a wide-ranging group of topics that impact the overall economy in the United States.

The decisions made and acted upon from the FOMC meetings often sway the real estate and residential financing markets. Some highlights of the recent FOMC minutes for the March meeting include: Read the rest of this entry »

 
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Posted by on April 11, 2013 in Federal Reserve

 

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What Mortgage Rates Are Doing This Week :February 11th, 2013

Homebuilder Confidence ImprovesMortgage rates worsened last week in response to more indications that the U.S. economy and global economic trends are improving. Global economic data was stronger than expected; which generally boosts investor confidence and leads to higher mortgage rates in Sacramento and across the country.

We may see a reversal of this trend in the short-term because the stock market remains overbought and ready to retrace, the obvious question is when? With little economic news this week, there is no reason the stock market should improve or interest rates should change much. Until the stock market retreats, U.S. interest rates are not likely to decline much. Read the rest of this entry »

 
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Posted by on February 11, 2013 in Mortgage Rates

 

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What Mortgage Rates Are Doing This Week : Jan 28, 2013

Rates_rising_Jan_28th_2013At the opening this morning, we are experiencing our 3rd day in-a-row of rising rates. What’s up with that? Thankfully, at the moment, they are clawing their way back. Last week, Mortgage rates rose as investors gained confidence in the global economy. China and Europe posted better-than-expected manufacturing rates, U.S. Jobless Claims fell for the second straight week, and the worst of the European debt crisis appears to have passed.

A strengthening economy = Mortgage Rates will go up! Read the rest of this entry »

 
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Posted by on January 28, 2013 in Mortgage Rates

 

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Explanation Of The Fed Statement Today (October 24 , 2012)

Putting the FOMC statement in plain EnglishThe Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday.

For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote.

The Fed Funds Rate has been near zero percent since December 2008. At the close today, Mortgage Backed Securities ended the day a little worse (rates/fees went up a bit) on the news… Read the rest of this entry »

 
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Posted by on October 24, 2012 in Federal Reserve

 

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Rates Are Going Down and Fee’s Are Going Up! I Am So Confused.

Putting the FOMC statement in plain EnglishSometimes, things just have a way of working themselves out. My wife hates when I say that, but in this circumstance it is true. If you read my blog a few days ago, I braced my clients for fees to increase on all conventional loans. But thankfully, the news today from The Federal Open Market Committee drove rates right back down. It’s like the fee increase never happened. Why?

Because the Fed voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent. For the eighth consecutive meeting, the vote was nearly unanimous (9-1 vote).

The Fed Funds Rate has been near zero percent since December 2008. Read the rest of this entry »

 
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Posted by on September 13, 2012 in Federal Reserve

 

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