Mortgage rates remained steady last week with Retail Sales coming in lower than expected. This will be an interesting week with the Federal Reserve meeting scheduled to decide whether or not to begin the expected bond tapering. The markets celebrated Larry Summers taking his name out of the running as Chairman of the Federal Reserve. Summers had been a critic of quantitative easing and the markets are thrilled he will not be in charge of dismantling the taper. Many analysts expect the Fed will slowly decrease its bond purchases by $10 Billion per month. If the Fed announces a similar tapering policy, mortgage rates should rise. A further delay in tapering could be interpreted as the Fed believes the economy is stumbling again and rates could move downward.
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