Austin loan officer John Schutze shares his weekend mortgage rate update:
œMortgage rates relaxed this week, down about .375% from the previous week.
The Federal Open Markets Committee (FOMC) met this week. In its press release, they noted that the U.S. economy is not slowing with the same speed versus just two months ago and that financial markets, in general, are improving. These are two signs that the country may be emerging from recession, if it hasn’t already.
The news isn’t all good, however. The Fed made a point to highlight the potential hazards the nations faces on its path to economic recovery:
- The prices of energy and commodities have been rising
- Job losses are still mounting nationally
- Businesses are reducing capital expenditures
Market reaction to the Fed’s press release has been muted.
With no new stimulus and no new “tools” to spur the economy unveiled, Wall Street is business as usual. Mortgage rates didn’t react much to the news.
The FOMC’s next scheduled meeting is August 11-12, 2009.
John connects home buyers with loans at Bank of America and writes a blog about Austin mortgages. An Austin Realtor is a Realtor ® in Austin, Texas. You can search Austin homes for sale at his website.