Are You Sick Of Snow Days Yet? I Am.

  • January 8, 2014

sicktoonAre you sick of snow days yet? I am.

Let’s get this party started. Trading appears to be back to normal after a massive snow storm extended many people’s holiday break.  Today was a significant day in regards to economic news; however we didn’t see an improvement in interest rates today. Let’s see what happened…

  • The Federal Reserve released the minutes from their December meeting. Who gets excited over meeting notes? Investors, that’s who. Today the focus was the Feds taper timeline. Some Federal Bankers want to be more aggressive than others in letting interest rates rise. However, policy makers stressed reductions in bond buying are not on a preset course. So, no clear plan. No surprise there.
  • As expected, the new FHFA chairman Mel Watt delayed the implementation of the fee increase that was planned for April 1st. He cited concern that it could affect credit availability. This is good news for anyone who is planning on buying a home in the near future.  Consider it a late Christmas present.
  • Mortgage applications rose 2.6% last week. That is good news for the housing market. Strong demand in housing might indicate a sustainable economic recovery. However, this good news didn’t translate to lower mortgage rates.

Tomorrow Jobless Claims are released and Friday is Employment Friday! That is going to be an exciting day.

By Lindsey Fediuk, Quicken Loans Capital Markets Analyst

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