Weekly Update | September 20, 2013
Mortgage rates steeply improved this week after Wednesday's heavily-anticipated Federal Open Markets Committee (FOMC) meeting, as the Fed surprisingly announced that its $85 billion per-month asset-purchasing program will continue without tapering until there is evidence of further improvement in U.S. economic and labor conditions. The federal funds rate will remain between 0 and 0.25 percent, as long as unemployment remains above 6.5 percent and projected inflation for one to two years is not greater than 2.5 percent. Larry Summers, former favorite to replace Fed Chairman, Ben Bernanke, dropped out of the running earlier in the week. While the new favorite, Janet Yellen, is considered to be much more dovish than Summers, no indications to replace Bernanke were mentioned in the Fed releases.
To Read More - Click Here to visit Dallas Mortgage Lending Blog