What the Fed Said

20140504_210758In a nutshell, the Fed will no longer be manipulating mortgage rates at artificially low levels. As I write this, I’m receiving intraday rate sheets from some lenders with pricing for the worse.

This is from the Fed’s Press Release:

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What the Fed Says and How It Impacts Mortgage Rates [LIVE POST]

I am going to attempt to write a “live post” today to illustrate how mortgage rates may change based on data that is released throughout the day and market reactions. Please keep in mind that despite my best efforts, sometimes a “live post” can be a bit challenging…we’ll give it a try!

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What May Impact Mortgage Rates this Week: September 15, 2014

20140504_210758This is a painting on black velvet that I did of our Fed Chairwoman, Janet Yellen, that hangs in my office. All eyes and ears will be on the Fed after the two day meeting FOMC meeting wraps up today. Here are some of the economic indicators scheduled to be released this week:

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Just for Fun: Black Velvet Janet Yellen

You may or may not know that one of my hobbies is painting. I especially enjoy painting on black velvet and recently completed a painting of our Federal Reserve Board Chair, Janet Yellen.

Because it’s Friday… I thought I’d share it with you just for fun.

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Ms. Yellen is now hanging in my office at Mortgage Master Service Corporation.

You can see more of my artwork at www.rhondaporterart.com

Fed to continue to prune support of mortgage backed securities

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Mortgage rates trended higher this afternoon after the Fed stated they will prune another $10 billion per month from their bond buying program which has been keeping mortgage rates artificially low.

From the FOMC Press Release:

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The Fed says Easy Squeezy $10B

2012-08-20-0845Yesterday wrapped up the Fed’s two day meeting and, as expected, there was no change to Fed Funds rate. They did announce in their statement they will ease off another cool $10 Billion per month starting in February of their mortgage backed security purchase program.

From the press release:

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Fed to Keep Mortgage Rates Sweet and Low

iStock-000020911287XSmallThe Fed made no changes to the Fed Funds rate… no surprise there. However, the Fed did surprise the markets today announcing they are not tapering their purchasing of mortgage backed securities. From today’s press release:

…Taking into account the extent of federal fiscal retrenchment, the Committee sees the improvement in economic activity and labor market conditions since it began its asset purchase program a year ago as consistent with growing underlying strength in the broader economy. However, the Committee decided to await more evidence that progress will be sustained before adjusting the pace of its purchases.  [Read more…]

What May Impact Mortgage Rates this Week: August 19, 2013

mortgageporter-economyI hope you are having a wonderful summer. Our Seattle summer has been just beautiful – I don’t even mind the few days of rain we’ve had sprinkled in. Anyhow, you’re not reading this post for a weather report, are you? Let’s get back to what may impact mortgage interest rates this week! Today and Tuesday, we don’t have any economic indicators scheduled to be released. Wednesday is the big day with the minutes from the last Fed meeting being released.

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