Mortgage Rates have moved slightly higher this week after the minutes from the last Federal Reserve meeting were released. The minutes conveyed continued uncertainty by the Fed. Typically uncertainty would keep rates low, but in this case the indecision is directly related to the direction they want to take rates. There is a split within the Fed on folks who want to move rates higher and decrease the amount of their bond purchase program more quickly; and those feel the economy is still too fragile to increase rates. The unclear direction pushed interest rates a tad higher. We’ll have to monitor this closely because if the Fed does take action unexpectedly it could cause a rapid rise in rates.
There were also some weaker economic reports, but a lot of this is being blamed on the last two weeks of crazy weather most of the nation experienced. Hopefully we get some sunshine out there and our spring market gets rolling!
Trident Mortgage Rate Sheet 2-23-2014
Jason F. Griesser, CMB
Sr. Mortgage Consultant
Ph: 215-440-2073 | Fx: 610-650-5611