Continued good news in the mortgage market! The Fed continues to purchase mortgage backed securities which is holding rates down to close to an all time low! Negative economic news including higher than expected unemployment numbers and lower corporate profits than expected has also helped hold rates down.
Here is today’s update on the Fed Bond purchasing program: 3:03 PM ET - Fed bought $12B in Mortgage Backed Securities in the latest week bringing the total to $1.149T leaving $101B left to purchase. (approximately 8 weeks remaining in the Fed Bond purchase program with the funds remaining, but there is talk to extend the program-I will keep you posted).