Florida mortgage trends are always changing, and it’s my goal to keep you all up to speed on things that I feel might have significant impact on your home loan situation.  Here’s the latest from Uncle Ben and the Federal Open Market Committee.  I just wanted to be sure you got this news right away.

The Federal Open Market Committee decided to keep the Fed Funds Rate at its target  0.000-0.250 percent range.  The FOMC also reinforced their commitment to supporting the mortgage market with as much as $1.5 trillion.

FOMC Believes the US Economy is “Leveling Off”

In its press release, the FOMC relayed its feeling that the nation’s economy is ”leveling off,” and that financial markets continue to show signs of strength.

ROSIE LANGUAGE ALERT! We’re seeing some pretty Rosie language from the FMOC here – in fact perhaps its rosiest – since the beginning of the recession,  and this positive language about our economic situation may be a sign that the downturn’s end is near.

However, the FOMC did note a few soft spots in our economy that may still impact a recovery through the end of 2009 and into 2010.

1. Continuing job losses
2. Decreased “housing wealth”
3. Tight credit conditions

Furthermore, rising energy costs remain a threat to inflation.

Also in its statement, the Fed confirmed its plan to hold the Fed Funds Rate near zero percent “for an extended period” and to honor its $1.5 trillion commitment to the mortgage bond market.

Market reaction to the Fed’s press release is muted.  With no real change in message and a basic confirmation of what most investors already knew, Wall Street sees no reason to panic.  Florida mortgage rates are unchanged.

The FOMC’s next scheduled meeting is September 22-23, 2009.

I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage broker, I’m your guy. Call me at 863-604-3019 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!

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