Mortgage Rates Stabilize After Opening At Highest Levels Since September

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Posted To: Mortgage Rate Watch

Mortgage rates continued higher today , reaching their worst levels since before the Fed announced the specific buying program of Mortgage-Backed-Securities (MBS) referred to as QE3. MBS are the tradable securities that have the most direct effect on lender's mortgage rates. Simply put, yesterday's news showed a less unified ideology among members of the FOMC ("Federal Open Market Committee," or simply, the Fed, which votes on the policies that dictate the MBS purchases). Markets aren't concerned that the Fed will cease MBS purchases in the near term future, but the extent to which opinions differ on the FOMC board, caused market participants to adjust their assumptions about the timing and certainty of the Fed's easing policies. These considerations won't have any bearing on the actual purchases...(read more)

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Source: http://www.mortgagenewsdaily.com/consumer_rates/290096.aspx

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