At 11:30 this morning, The Federal Reserve issued their monthly statement and interest rate decision. Traditionally this has big potential to cause a stir in the market and drive interest rates up or down for the coming few days. So what did Chairman Ben Bernanke and co say? The Key points are summed up here. As has been the norm for the past few statement releases, the Federal Reserve believes that the economy is improving but is still cautiously optimistic and does not see raising the key interest rate until closer to 2014 at this point. The key interest rate does not directly affect standard mortgage rates, but would affect those with variable lines of credit, or adjustable rate mortgages. So the longer they are kept lower, the less risk of change those homeowners have.
On the home front, Shannon and I will be celebrating our 9th anniversary tomorrow. It doesn’t look like we’ll have a repeat of the sunny, 80 degree day we had back then, but I won’t complain any about the weather. It’s been nine wonderful years and our daughter little girl is the icing on the cake. I love to remember all the good times but will never forget being laid off 2 weeks before the wedding. Fortunately, that time of upheaval and stress allowed me to do what I enjoy on my own terms instead of working for a large company. It’s given me the time and ability to invest in my client’s lives, not just their transactions and that is what has always kept me in this career.
Have a great week!
Rates: 30 year fixed at 3.875% (APR 4.015) and the 15 year at 3.00% (APR 3.244), FHA: 3.625% (APR 4.388): As always rates change with individual credit scenarios and programs, APRs are estimated based off of a $250,000 purchase price with 20% down and a 740 credit score, if you want an exact quote, call. These are not quotes, merely a baseline measure to gauge how rates change from week to week.
Mortgage Consultant, CMC | Homes Mortgage