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Jan 03

Post-Fiscal Cliff, Mortgage Markets Turn Attention To Jobs Data

January 3, 2013 By Leave a Comment
Post-Fiscal Cliff, Mortgage Markets Turn Attention To Jobs Data

Mortgage rates moved higher Wednesday up congressional leaders voted to avoid the "Fiscal Cliff". Mortgage-backed securities (MBS) fell as investors bid up stock prices. Confidence among investors and consumers typically causes mortgage rates to rise. That's what happened Wednesday. For Thursday and Friday, expect jobs data to dictate where District of Columbia mortgage rates are headed. The Federal Reserve has said that the national Unemployment Rate will dictate future monetary … [Read more...]

Filed Under: Buying Real Estate in Washington, DC, Selling Real Estate in Washington, DC Tagged With: , , , , , , , , , ,
Nov 19

Federal Reserve : New Economic Stimulus May Be Warranted

November 19, 2012 By Leave a Comment
fed-stimulus-coming-2013

The Federal Reserve released its October Federal Open Market Committee (FOMC) meeting minutes last week, revealing a Fed in disagreement about the future of the U.S. economy and about what, if any, stimulus may be warranted in the next 12 months. The "Fed Minutes" recaps the conversations and debates that transpire during an FOMC meeting, and is published 3 weeks after the meeting adjourns. According to the October minutes, FOMC members "generally agreed" that a housing recovery is under … [Read more...]

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Nov 14

Mortgage Approvals : Documents You’ll Need For Your Lender

November 14, 2012 By Leave a Comment
Mortgage Approvals : Documents You'll Need For Your Lender

According to the Federal Reserve's quarterly Senior Loan Officer Survey, it's getting easier to get approved for a home loan. Between July - September 2012, fewer than 6% of banks tightened mortgage guidelines -- the fourth straight quarter that's happened-- and roughly 10% of banks actually loosened them. For today's buyers and refinancing homeowners in DC , softening guidelines hint at a quicker, simpler mortgage approval process; one which gives more U.S. homeowners better access to … [Read more...]

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Oct 24

Simple Explanation Of The Federal Reserve Statement (October 24 , 2012)

October 24, 2012 By Leave a Comment
FOMC-Announcement

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Wednesday. For the ninth consecutive meeting, the vote was nearly unanimous. And, also for the ninth consecutive meeting, Richmond Federal Reserve President Jeffrey Lacker was the lone dissenter in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that, since its last meeting … [Read more...]

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Oct 09

What’s Ahead For Mortgage Rates This Week : October 9, 2012

October 9, 2012 By Leave a Comment
economy-rates

Mortgage markets worsened last week for the first time in a month as the U.S. economy showed signs of improvement, and the Eurozone stepped closer to launching its $500 billion euro rescue fund. Conforming mortgage rates in DC rose last week on the whole -- even though Freddie Mac's Primary Mortgage Market Survey proclaimed that they fell. This occurred because Freddie Mac's weekly mortgage rate survey is conducted between Monday and Tuesday each week and, last week, mortgage rates were … [Read more...]

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Oct 05

Fed Minutes Detail QE3 Discussion; Mortgage Rates Down

October 5, 2012 By Leave a Comment
FOMC-Minutes-201209

The minutes from the Federal Reserve's September Federal Open Market Committee meeting were released Thursday. The Fed Minutes detail the discussions and debates which shaped the central banker's launch of its third round of qualitative easing since 2008. The minutes also give Wall Street insight into future monetary policy. At 6,987 words, the Fed Minutes provides a level of detail that was unavailable via the FOMC's post-meeting press release, a documen that, by contrast, ran 562 … [Read more...]

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Sep 24

What’s Ahead For Mortgage Rates This Week : September 24, 2012

September 24, 2012 By Leave a Comment
What's Ahead For Mortgage Rates This Week : September 24, 2012

Mortgage markets improved for the second consecutive week last week as demand for U.S. mortgage-backed bonds remained high. A series of economic reports showed strength in housing and a stability in jobs. Wall Street looked past it, however, to send mortgage rates to their lowest levels in history. One week into the Federal Reserve's newest bond-buying program, the stimulus appears to be working. According to Freddie Mac, the average 30-year fixed rate mortgage rate slipped to 3.49% … [Read more...]

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Sep 13

Simple Explanation Of The Federal Reserve Statement (September 13 , 2012)

September 13, 2012 By Leave a Comment
FOMC-Announcement

The Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent Thursday. For the eighth consecutive meeting, the vote was nearly unanimous. Just one FOMC member, Richmond Federal Reserve President Jeffrey Lacker, dissented in the 9-1 vote. The Fed Funds Rate has been near zero percent since December 2008. In its press release, the Federal Reserve noted that the U.S. economy has been expanding "at a moderate pace" in … [Read more...]

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Sep 13

FOMC Expected To Announce New Stimulus Today

September 13, 2012 By Leave a Comment
FOMC To Announce More Stimulus

The Federal Open Market Committee ends a 2-day meeting today, the group's sixth of 8 scheduled meetings this year. As a DC home buyer or would-be refinancer, be ready for mortgage rates to change. The Federal Open Market Committee is a 12-person sub-committee of the Federal Reserve. Led by Fed Chairman Ben Bernanke, it's the group within the Fed tasked with voting on U.S. monetary policy. The act for which the FOMC is most well-known is its management of the Fed Funds Rate. The Fed Funds … [Read more...]

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Sep 10

What’s Ahead For Mortgage Rates This Week : September 10, 2012

September 10, 2012 By Leave a Comment
fomc-meeting-2

Mortgage markets worsened slightly in last week's holiday-shortened week. As expected, Wall Street took its cues from Europe and from the U.S. jobs market, and mortgage rates moved across a wide range. Home buyers in DC and would-be refinancing households were greeted with wildly varying mortgage rates, depending on which day they loan-shopped. According to Freddie Mac's weekly mortgage rate survey, 30-year fixed rate mortgage rates averaged 3.55% nationwide last week, with an accompanying … [Read more...]

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