FOMC’s Statement Means Falling Florida Mortgage Rates
FOMC’s Statement Means Falling Florida Mortgage Rates
As Wall Street reacts to the Fed’s press release and projections, mortgage rates will move.
For the first time this year, conforming Florida mortgage rates rose from one week to the next. The outlook for the U.S. economy improved last week, taking the mortgage bond market with it.
Given global economic conditions and the mortgage bond market’s status as a “safe market”, the failure of rates to fall last week suggests that this may be as low as mortgage rates get. It’s time to look at locking in.
Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.
The Federal Open Market Committee meets this week. Mortgage rates could get volatile.
The Federal Open Market Committee released its November 2011 meeting minutes, revealing a Fed split on whether new stimulus is needed for the U.S. economy.
The Federal Open Market Committee begins a scheduled, 2-day meeting today, the seventh of its 8 scheduled meetings this year, and the eighth Fed meeting overall.
Mortgage markets moved across a wide range last week before, ultimately, finishing unchanged. The bailout of Greece both dominated headlines and dictated market direction.
Mortgage markets improved again last week. The combination of global economic uncertainty plus a dour outlook from the Federal Reserve pushed mortgage bonds to highs for 2011, and drove mortgage rates below their all-time lows.