The Federal Reserve met this past week and made no changes to interest rates, but they did shock the market, announcing they expect to keep interest rates “extraordinarily low” for a period up to 18 months longer than the mid-2013 previously in place – officially until the end of 2014.
Mortgage bond prices were higher last week which pushed mortgage interest rates lower. Rates were helped considerably by the Fed announcement which indicated they would try to keep rates low through 2014. This was a significant revision to prior remarks which set 2013 as the timeframe. The Fed went on to note that global markets pose significant downside risk to the US economic outlook and inflation remains subdued. Much of the data released was bond friendly. Higher than expected weekly jobless claims and weaker than expected GDP data helped rates hold the improvements towards the end of the week. Mortgage bonds ended the week better by almost a discount point.
Here is my current rate sheet for Real Estate Professionals: <a href="http://www.box.com/s/cmmbp5c56foe9tqu8cgm" title="http://www.box.net/shared/bxjyydagau http://www.box.net/shared/uks538ajcm” target=”_blank”> Baxter Rate Sheet
We’re finishing up our January settlements on Monday – 17 closings and we had the closing package to the settlement attorney’s office at least 48 hours in advance of settlement on 93% of the transactions. We finished 2011 with an 84% percentage of docs out within 48 hours of closing. How are we able to do this? Here’s a link to our tips for a fast and timely closing: Tips for a Fast Closing
Have a great weekend and never hesitate to contact me if you need something – hit the cell, send an email, pop a text, or contact me on Twitter or Facebook. And, if you need to get a buyer pre-approved? Just send them to my secure online application – Baxter Online Mortgage Application – Click on “Start Your Application”
And here’s an easy way to introduce me to clients when you make a referral. Send them to my About.Me Profile: Click Here
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