It’s October and that means one thing – it’s time for the Federal Reserve to meet again. They did, Wednesday. The big news was the official end of quantative easing, or the Fed buying mortgage and Treasury bonds to keep mortgage rates low.
Get mortgage news, a look at the markets and more in this week’s Market Update.
After looking at the gap in home values as perceived by homeowners and appraisers, it became apparent that consumers significantly over estimated the value of their homes during the 2008 and 2009 downturns. This time period became one of the worst housing markets in decades, and caused millions of mortgage applications industry-wide to be restructured or denied. To help prevent this in the future, we’ve introduced two new exclusive indexes.
According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgage rates hit new lows for the year.
Jobless claims continue to fall, as do mortgage rates. It wasn’t a good week on Wall Street. All that and a look at the week ahead in the Market Update.
Initial claims dropped 8,000 to 187,000, while continuing claims decreased 45,000 to a new recovery low of 2.398 million.
The news is blowing up with heavy stories, but don’t let the big stories distract you from the financial blunders around the world. This week in financial blunders we take a look at Tracy Morgan’s troubles with Wal-Mart, the World Bank, and a social media nightmare in Hong Kong.
According to the Primary Mortgage Market Survey released by Freddie Mac, average fixed-rate mortgages increased, making their biggest one-week gain of the year.
The Federal Open Market Committee met yesterday. Here’s what they had to say. You don’t want to miss this. Trust us!
Mortgage applications continued to decrease, this time dropping 7.2%. It marks the biggest drop-off since December of 2000.