Posts Tagged ‘fed meeting’

28
Jan

Mortgage Rates January 28, 2009

   Posted by: Cal    in Gulf Coast Mortgages

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Today marked the first FED meeting since December 16th when they announced the FED would be aggressively buying mortgage backed securities through the first 6 months of 2009. 

The news was as expected with rates remaining unchanged and a commitment to keep them unchanged until further notice.

The bond market reacted negatively to the news as it is seen as a positive for the economy.  Bond traders are selling this afternoon

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Boy…What a week!

We started out really well, then the fed meeting results came out with the lowest federal funds rate in the history of the federal reserve at .25%. That’s right, the banks are now borrowing their money at .25%. At one point on Tuesday, I was quoting rates at 4.75% with no points and 4.25% with 1% origination. Can you believe that?!

Then the air let out of the balloon on Wednesday as bond traders got nervous and we are back to the low 5% range with no points. Try not to cry over a terrible rate of 5% (wink), but the volatility in the market is a

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