Mar
Explaining what the Federal Reserve did in plain English: March 18, 2009
The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged today, within the target range of 0.000-0.250 percent. This doesn’t mean the Fed stood pat, however. On plan to resurrect the economy using “all available tools”, today, the Fed announced a new, $1.5 trillion round of fiscal support for the treasury and [...]
Mar
Market Snapshot
It’s Fed day once again! While the Fed probably won’t move rates at all, their Policy Statement could generate some excitement this afternoon. Under particular scrutiny will be any comments on the economy, the stimulus package effects, the banking sector, or mark-to-market. In other news, the Consumer Price Index–which measures inflation–came in slightly hotter than [...]
Mar
The Federal Reserve is meeting and what it means to your mortgage rate.
The Federal Open Market Committee begins a scheduled, 2-day meeting today to discuss the country’s monetary policy. As is custom, the group will issue a press release to the markets upon adjournment. There are 8 scheduled FOMC get-togethers annually and the post-meeting press releases are among the most powerful market-moving events of the year. It’s not the [...]
Mar
Market Snapshot
Mortgage Bonds continue to trade in a sideways range above a floor of support at the 25-Day Moving Average. Stocks, on the other hand, have rallied several days in a row, but appear stalled at a ceiling of resistance at their own 25-Day Moving Average. In the news today, Housing Starts for February came in [...]
Mar
Market Snapshot
Mortgage Bonds started out the morning down, but have since improved to near unchanged levels. Stocks, on the other hand, are starting off higher and are trying to make it five straight days of gains. Helping Stocks was an announcement that Barclays Bank is off to a strong start for 2009. Additionally, in a rare [...]
Mar
60 Minutes Interview with Fed Chairman Ben Bernanke…its first in history
Mortgage markets lost a little bit of ground last week, edging mortgage rates higher in a week marked by the largest stock market gains since November. Once again, mortgage rates couldn’t sustain a rally of more than 5 days. Not since late-2008 have mortgage rates managed to fall two weeks in a row. Last week’s [...]
Mar
Mortgage Markets in Review: March 2, 2009
Mortgage markets worsened last week, taking interest rates with them. A steady drip of sour economic news plus concerns about the banking system outmuscled Fed Chairman Ben Bernanke’s Congressional testimony in which he said the recession would likely end later this year. Overall, mortgage rates have risen in 9 of the last 12 trading days. [...]