Good News!

November 9, 2009 | 93 Comments

The FOMC held their meeting earlier this week and as expected left rates unchanged. The policy statement continued to state that rates will remain this way for an extended period of time. All of this was expected by the markets and wasn’t really anything new.
However the employment report released this morning was weaker than expected with the unemployment rate at 10.2% and another 190,000 jobs were lost. This is the highest unemployment rate since 1983 and brings up the question as to how strong the recovery actually is, and if it will last.
Also today Congress extended the $8,000 Homebuyer Tax Credit for contracts written thru April 30, 2010. The extension also included a $6,500 credit for any purchaser who has owned a home for the past 5 years as their primary residence. The new extension also has higher income limitations and a sales price cap of $800,000. Both of these should help keep the housing market moving.
With all this information to digest mortgage rates have essentially remained the same as they were last week. 
Tom DiDonato
Loan Officer, Tidelands Bank

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