News That Can Affect Our Mortgage Rates

Posted by | October 23, 2013 | Blog | No Comments

The President’s nomination of Fed vice chair Janet Yellen to the Fed chair post, now held by Ben Bernanke, makes Yellen the first woman to head the central bank in its 100 year history. Yellen has supported the central bank’s mortgage backed securities (MBS) buying program that has kept rates low. One financial analyst noted, “She is a big supporter of the MBS buying spree, so mortgage rates will go down, not up, with this particular appointment.” Observers also believe she will not start tapering those bond purchases until unemployment drops to 6.5%, not expected any time soon. Her nomination should be approved by the Senate.

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