The Federal Reserve Bank of New York reported it has begun purchasing mortgage-backed securities in an effort to bolster the battered housing market. They will report their activity every Thursday.
It has been reported that Federal Reserve Bank of New York has purchased
10,213 Million Dollars from January 5 through January 7.
23,405 Million Dollars from January 8 through January 14.
19,009 Million Dollars from January 15 through January 21.
This is one of the reasons mortgage rates have come down. I will be waiting for next weeks report in order to track the progress of this program.
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