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Interest Rates Continue to Amaze
Back down to 27 week lowsThe Fed keeps cutting back on their monthly quantitative easing purchases of United States debt. And interest rates keep going lower. Go figure. Monthly purchases have been slashed by $40 billion dollars a month on a program designed to artificially keep interest rates at unheard of levels. Funny money levels. If something is put in place to lower interest rates and then is removed rates should go up. Shouldn't they?But as of this morning the average overnight rate on a 30 year fixed conforming loan sits at 4.21%. The most favorable rate borrowers have seen since November 3rd of last year. Almost two months before the Fed made the first cut in monthly debt purchases which then stood at $85 billion dollars per month. The Fed is cutting back because they state the economy is steadily healing. Not sure how steady it is with rates falling but let's roll with it. National numbers released by CoreLogic state that weak sales have begun to restrain the housing markets sharp price gains. They show that nationally prices rose 11.1% year over year as of April 1st compared with a 12.2% year over year gain as of February 1st. Locally the ... more

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