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March 2012
The swoon in the mortgage market has been largely created by investors’ reaction to last Tuesday’s post-meeting statement issued at the conclusion of the Federal Open Market Committee meeting. The members of the committee said they expect “moderate” economic growth over coming quarters along with a gradual decline in the unemployment rate. At its previous policy meeting in January, the Fed has said it expected “modest” growth. While the Fed did acknowledge some improvement in the labor market, they left the door open to the possibility of launching another monetary stimulus program – to be known as “QE3” – and said they expect to hold their benchmark short-term interest rates near zero through late 2014. 
While the recent trading action in the mortgage market is undeniably uncomfortable for those still floating loans -- the probability mortgage rates are destined to surge notably higher from here remains small. Additional upward pressure on mortgage interest rates is almost sure to bring the Federal Reserve racing to the rescue with another round of mortgage-backed security purchases to hold rates near current levels. The recovery in the housing sector is far too important a cog in the gears of the budding economic recovery for the Fed to allow sharply higher borrowing costs to derailed it now.   30 year fixed rate loans are hovering around 4.00%-4.125% mid month, as opposed to the 3.875%-4.00% range earlier in the month-those are 0 point loans-not the average .875 of a point most banks are charging now!
Hold on and be patient, we are going to wave back and forth a bit as the economy improves.  The good news is, things are improving, but the bad news is that will affect interest rates, which will eventually rise.
When you and your clients need an informed mortgage consultant to assist them in navigating the mortgage process, please give me a call. I have the resources and experience to help them obtain a mortgage at the best rate and terms available, whether it's to purchase or refinance a home, and I'm happy and able to help.
All my best,

Cherie' McKeage
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