fomc: Fed Lowers Key Interest Rate For First Time Since Great Recession - 08/07/19 12:39 PM
The Federal Open Market Committee of the Federal Reserve announced the first rate cut to its key interest rate range since the Great Recession ushered in a series of rate cuts described as “quantitative easing.” The Fed committee confirmed a quarter-point cut to 2.00 to 2.25 percent.
Fed Chair Jerome Powell described the rate cut as a “mid-cycle adjustment” intended as a one-time boost for the economy. Mr. Powell said he did not view the cut as the first in a series of quantitative easing moves, but analysts said single rate cuts are not common.
The FOMC post-meeting statement said the decision to … (0 comments)

fomc: Fed Holds Key Rate Steady As It Watches Economic Trends - 06/25/19 05:11 PM
Federal Reserve policymakers held the federal funds rate at its current range of 2.25 to 2.50 percent. Analysts speculated that the Fed may lower its key rate based on signs of slowing economic growth and the President’s encouragement to lower the Fed rate.
Federal Open Market Committee members cited “uncertainties” in support of their decision not to change the Fed’s key lending rate. A stiff month-to-month drop in jobs growth and worries over trade problems associated with recent tariffs assessed against China contributed to the Committee’s decision to hold rates steady and closely watch domestic and global economic trends.
Signs of slowing economic … (0 comments)

fomc: FOMC Minutes Reveal Fed Policymakers U-Turn - 04/11/19 11:46 AM
Members of the Federal Reserve’s Federal Open Market Committee voted to hold the target range of the federal funds rate to its current range of 2.25 to 2.50 percent. The minutes of the most recent Committee meeting cited softening domestic and global economic conditions as reason for not raising the target federal funds range.
While labor markets remained strong, the minutes noted that household spending and business investment slowed in the first quarter of 2019. FOMC members expected Gross Domestic Product growth to slow as compared to its 2018 pace.
While current inflation and the national unemployment rate fell in line with the … (0 comments)

fomc: Mortgage News for Week Of April 7, 2014 - 04/06/14 11:13 PM
Last week's economic news included readings on February construction spending and multiple reports on employment data.
Private sector employment was higher in March, but The Bureau of Labor Statistics reported that Non-Farm Payrolls for March fell short of expectations. According to Freddie Mac, mortgage rates ticked upward.
Employment And Unemployment News
ADP's payrolls report for March was higher than February's reading, with 191,000 new private sector jobs added. In February, 178,000 jobs were added. February's reading originally showed 138,000 new jobs added.
While analysts were confident that private-sector employment was showing signs of stability, the U.S. Bureau of Labor Statistics swamped … (0 comments)

fomc: Mortgage News for Week of January 13th, 2014 - 01/12/14 10:06 PM
Mortgage News for Week of January 13th, 2014
 
The first post-holiday week of 2014 brought mixed economic and housing-related news. CoreLogic reported via its Housing Market Index that November home prices grew by 11.80 percent year-over-year.
This was just shy of October’s year-over-year reading of 11.90 percent. As with Case-Shiller’s recently reported Home Price Indices, a slower rate of home price growth suggested to analysts that the housing market is cooling down.
The Federal Reserve’s Federal Open Market Committee released the minutes from its December meeting. The minutes reiterated the Committee’s decision to begin tapering its asset purchases this month.
(1 comments)

fomc: Mortgage News for Week of January 6th, 2014 - 01/05/14 10:21 PM
Mortgage News for Week of January 6th, 2014
 

The last week of 2013 brought relatively good news in view of the economic roller coaster rides caused by legislative impasse. A brief shutdown of federal government agencies, and nail-biting suspense over if and when the FOMC of the Federal Reserve would taper its quantitative easing program.
Last week's news was not high in volume due to the New Year holiday, but it does suggest that a general economic recovery is progressing and that housing markets are leading the "charge!". Here are the details:
The NAR's data of month-to-month reading of … (0 comments)

fomc: Mortgage Debt Rises For First Time Since Recession - 12/15/13 10:22 PM
Mortgage Debt Rises For First Time Since Recession
Last week was relatively quiet concerning scheduled housing-related news, but the Federal Reserve's financial accounts report, released on Monday, indicated that mortgage debt in the U.S. had increased for the first time since the first quarter (Q1) of 2008.
Mortgage debt increased by a seasonally-adjusted annual rate of $87.4 billion, or 0.90 percent. Mortgage debt remains approximately 12.00 percent below pre-recession levels.
Increasing debt is not often considered good news, but in the case of mortgage debt in today's economy, it suggests economic recovery in the form of higher home prices and fewer … (0 comments)

fomc: Where Are Mortgage Rates Headed This Week? - November 25th, 2013 - 11/24/13 10:14 PM
Where Are Mortgage Rates Headed This Week? - November 25th, 2013
Last week’s scheduled economic news was varied, but mortgage rates fell and jobless claims were significantly lower than expected. The minutes for last month’s FOMC meeting were released, and confirmed the Federal Reserve’s intention to leave its quantitative easing program unchanged at least for the near term.
The National Association of Homebuilders Wells Fargo Housing Market Index for November indicated that builder confidence, while still positive, dipped by one point to a reading of 54 as compared to an anticipated reading of 55, and October’s revised reading of 54.
Retail … (0 comments)

fomc: Are We Seeing Signs Of Economic Growth? - 11/20/13 10:41 PM
Are We Seeing Signs Of Economic Growth?
 
Hi, Joe Gonzalez here of the Hope Mortgage Team of Gateway Funding DMS, L.P. in Plymouth Meeting, PA. I have some interesting news to share with you this week.
The minutes of the Federal Reserve's Federal Open Market Committee meeting held October 29 and 30 were released Wednesday. The meeting began with a report from the Manager of the System Open Market Account and included updates on developments within domestic and foreign financial markets.
According to the report, no intervention by the Federal Reserve was required on foreign currencies during the period between … (0 comments)

fomc: What's Ahead For Mortgage Rates This Week - November 18, 2013 - 11/17/13 10:10 PM
What's Ahead For Mortgage Rates This Week - November 18, 2013
 
The Veterans Day holiday on Monday contributed to a quiet week for economic news. On Wednesday the reading for the federal budget deficit for October fell from September's reading of -$120 billion to -$92 billion.
Freddie Mac Released Its Primary Mortgage Market Survey On Thursday
The average mortgage rates increased across the board, but remain below historical levels. The rate for a 30-year fixed rate mortgage rose by 9 basis points from 4.16 percent to 4.35 percent with discount points decreasing from 0.80 percent to 0.70 percent.
The average … (0 comments)

fomc: What’s Ahead For Mortgage Rates This Week – November 4, 2013 - 11/03/13 10:31 PM
What’s Ahead For Mortgage Rates This Week – November 4, 2013
 
Last week’s economic news came from a variety of sources. Most significant was the Fed’s Federal Open Market Committee statement after its meeting ended Wednesday. The statement indicated that the Fed saw moderate economic growth. FOMC did not taper its purchase of MBS and Treasury securities.
The FOMC statement announced the committee’s intention to closely monitor economic and financial developments ”in the coming months,” which suggested that the FOMC is taking a wait-and-see position on reducing its $85 billion monthly asset purchases.
Mortgage Rates, Jobless Claims Fall
The Fed’s asset purchase program, … (0 comments)

fomc: What’s Ahead For Mortgage Rates This Week — September 23, 2013 - 09/22/13 11:17 PM
What’s Ahead For Mortgage Rates This Week — September 23, 2013  
Last week’s economic news was dominated by the Federal Reserve’s decision not to taper its $85 billion in monthly securities purchases.
Fed Chairman Ben Bernanke noted in a scheduled statement after the Federal Open Market Committee meeting that economic conditions were not yet adequately improved to withstand any decrease in the federal quantitative easing program.
The Fed also reaffirmed that the target federal funds rate would remain at 0.00 to 0.25 percent until the national unemployment rate reached 6.50 percent and inflation reaches 2.00 percent.
The national unemployment rate … (0 comments)

fomc: Fed Meeting Expose Mortgage Rates As Remaining Historically Low - 09/18/13 11:11 PM
Fed Meeting Expose Mortgage Rates As Remaining Historically Low  
The Federal Open Market Committee of the Federal Reserve decided not to reduce the Fed’s current quantitative easing program of purchasing $85 billion monthly in Treasury securities and mortgage-backed securities.
Going against wide expectations that the Fed would reduce the QE purchases, Fed Chairman Ben Bernanke said that current economic conditions aren’t strong enough to warrant tapering.
The Federal Reserve May Reduce Monthly Securities Purchases
The FOMC, which sets monetary policy for the Federal Reserve has hinted that it might soon reduce the monthly securities purchases, but has also stated that … (0 comments)

fomc: Home Builder Confidence Has Far Outpaced Actual Home Construction - 09/17/13 11:57 PM
Home Builder Confidence Has Far Outpaced Actual Home Construction  
Home builder confidence was unchanged for September according to the National Association of Home Builders/Wells Fargo Housing Market Index HMI released Tuesday. After four months of rising confidence, September’s HMI reading came in at 58, which was not far from expectations of a reading of 59.
August’s reading of 58 was revised from 59. Readings over 50 indicate that more builders view housing market conditions as being positive than negative.
Housing Market Index Readings Rise
Components of September’s HMI include readings for home builder views of current market conditions, which maintained … (0 comments)

fomc: What's Ahead For Mortgage Rates This Week - July 15, 2013 - 07/15/13 01:32 AM
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 … (0 comments)

fomc: What's Ahead For Mortgage Rates This Week - May 20, 2013 - 05/20/13 01:24 AM
What's Ahead For Mortgage Rates This Week - May 20, 2013
 
Last week was jam-packed with economic news; here are some highlights with emphasis on housing and mortgage related news:
Monday: Retail sales for April increased to -0.1 percent from the March reading of -0.5 percent and also surpassed Wall Street's downward forecast of -0.6 percent. Retail sales are important to economic recovery as sales of goods and services represent approximately 70 percent of the U.S. economy.
Tuesday: The National Federation of Independent Business (NFIB) released its Small Business Optimism Index for April with encouraging results. April's index rose by 2.6 points to … (0 comments)

fomc: Fed Meeting Statement Points To Continuing Low Interest Rates - 05/02/13 12:48 AM
Fed Meeting Statement Points To Continuing Low Interest Rates
 
Wednesday's Federal Open Market Committee (FOMC) statement indicates the Federal Reserve's commitment to keeping long term interest rates and inflation under control.
The Fed will continue monitoring inflation, but does not expect inflation to rise more than 0.50 percent above its target rate of 2.00 percent over the next one to two years.
Ongoing monitoring of inflation and unemployment, as well as developing economic news, will guide the Fed in its future determinations concerning policy for its present iteration of quantitative easing (QE3).
Currently, the Fed purchases $85 billion of treasury … (2 comments)

fomc: What's Ahead For Mortgage Rates This Week - April 15, 2013 - 04/14/13 11:57 PM
What's Ahead For Mortgage Rates This Week - April 15, 2013
 
 
Mortgage rates saw little change last week amidst mixed economic news.
Treasury auctions held on Tuesday, Wednesday and Thursday saw weak demand; this could have been caused by the FOMC minutes that were released on Wednesday.
The minutes indicated that some FOMC members supported ending the current quantitative easing (QE) program within a few months.
The Fed is currently purchasing $85 billion monthly in bonds and Mortgage Backed Securities.
If the QE program is ended, demands for bonds and MBS will decline, which usually raises mortgage rates.
Employment … (0 comments)

fomc: What's Ahead For Mortgage Rates This Week - March 25th, 2013 - 03/26/13 06:52 AM
What's Ahead For Mortgage Rates This Week - March 25th, 2013
Last week's economic news was dominated by events in Cyprus and the Federal Open Market Committee (FOMC) meeting on Wednesday.

Mortgage rates fell last Monday as investors became concerned over news that a Cyprus bank bailout was in the works.
Federal Reserve Holding Course With Mortgage Backed Security Purchases
The FOMC met on Wednesday and in a press release after the meeting, noted that no immediate changes to the present economic easing program would be made.
The Fed officers will continue to monitor the nation's economy, and are eventually … (1 comments)

fomc: Fed Considers Future of Quantitative Easing - 02/25/13 10:42 PM

Fed Considers Future of Quantitative Easing The Federal Open Market Committee (FOMC) released minutes from its January meeting last Wednesday, as it generally does three weeks following the most recent meeting.  
The FOMC is a committee within the Federal Reserve System tasked with overseeing the purchase and sale of US Treasury securities by the Fed.
The Federal Reserve makes key decisions regarding interest rates and looks to this committee for advice on how and when to take action.
The Future Of Quantitative Easing
One of the main topices that Fed leaders discussed was the future of its ongoing program … (0 comments)

 
Joe Gonzalez, NMLS# 126036 (610) 739-6563 (CrossCountry Mortgage, LLC NMLS #3029)

Joe Gonzalez

NMLS# 126036 (610) 739-6563

King of Prussia, PA

More about me…

CrossCountry Mortgage, LLC NMLS #3029

Address: 625 W. Ridge Pike, Building C, Suite 100, Conshohocken, PA, 19428

Office: 610.355.8039

Mobile: 610.739.6563

Email Me

Real Estate & Finance News and Tips That Make a Difference


Listings

Links

Archives

RSS 2.0 Feed for this blog