As expected mortgage rates have begun to climb. On March 31st, as planned the Fed terminated its mortgage backed securities (MBS) purchase program after buying $1.25trn of the instruments–keeping mortgage rates artificially low. According to the Mortgage Bankers Association (MBA), the average rate for a 30Y mortgage already climbed to 5.31% the week ending 4/2, compared to […]
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Mortgage Rates
Next week the Fed will cease purchasing agency MBS, to an industry outsider this innocuous sounding fact may not garner much attention, but the reality is the implications are likely very significant, and are already making themselves apparent in the market. Former Fed Chairman Alan Greenspan recently referred to last week’s jump in U.S. interest […]