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What's Ahead For Mortgage Rates This Week - July 15, 2013
What's Ahead For Mortgage Rates This Week - July 15, 2013
 
The Fed's release of the minutes for the June FOMC meeting was the most noteworthy economic event last week; the minutes repeated the Fed's recent statement concerning the wind-down of its current monetary easing policy.
The minutes indicated that about half of meeting participants wanted to end the quantitative easing (QE) policy by year end, while "many others" preferred to end the program in 2014.
This split suggests that days are numbered for the Fed's monthly purchase of $85 billion in Treasury securities and mortgage-backed securities (MBS). The minutes also revealed that the Fed would not be selling off MBS as QE is ended. This would likely prevent additional potential for mortgage rates to increase as demand for bonds would decline when the Fed stops its monthly purchases.
Mortgage Rates Typically Rise When Bond And MBS Prices Fall
U.S. financial markets showed little reaction to the Fed minutes. The Dow Jones Industrial Average saw a quick gain of about 40 points that quickly retreated. The Wall Street Journal interprets the lackluster response to the Fed minutes as investors growing accustomed to the eventual end of the QE program; it's ... more

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