Conforming mortgage rates rallied from Wednesday through Friday’s close, ending the week near all-time lows set earlier this year.
Wednesday, the Federal Reserve’s Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The Federal Open Market Committee adjourns from a scheduled 2-day meeting today, its first of 8 scheduled meetings this year.
The outlook for the U.S. economy improved last week, taking the mortgage bond market with it. For the first time this year, conforming mortgage rates rose from one week to the next.
The Federal Reserve has released the minutes from its most recent Federal Open Market Committee meeting. December’s Fed Minutes shows Fed members with a positive, cautious, take on the economy.
Given global economic conditions and the mortgage bond market’s status as a “safe market”, the failure of rates to fall last week suggests that this may be as low as mortgage rates get. It’s time to look at locking in.
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The Federal Open Market Committee meets this week. Mortgage rates could get volatile.
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