Mortgage Rates Drop in Spite of Fed

In January of 2014, everyone was interested in what the Federal Reserve System was going to announce in regard to mortgage interest rates.  The Fed meets eight times a year and the Federal Open Market Committee (FOMC) follows with a public statement.  The big topic was where mortgage interest rates were headed following the Fed's analysis.  Arizona Mortgage Lenders are interested in anything relative to the direction of mortgage rates.  The committee analyzes what the Fed says about overall … [Read more...]

Mortgage Rates Drop in Arizona

Big news!  Arizona mortgage rates drop!  For months, the mortgage market has awaited September 18, 2013 to see what the Fed would do regarding their mortgage rate policy.  After waiting and guessing, expecting and anticipating the Fed shocked the market.  They surprisingly decided to continue purchasing mortgage backed securities rather than "tapering" their purchase program as many expected.  As a result, we saw mortgage rates drop. Big Ben and the Fed felt that our economy was not quite … [Read more...]