Weekly Mortgage Update

Recap from Last Week:
Existing home sales were up nearly 13%, compared to a year ago, and housing starts rose by 7% in May. 

Last week’s Fed Meeting statement made no mention of “tapering” their Bond-buying program, known as QE3. However, Fed Chairman Bernanke talked about tapering off beginning later this year.

Bottom Line for Mortgages:
This mixed message has created a lot of volatility and mortgage rates are moving higher. Rates remain attractive from a historical standpoint, so it’s still an ideal time to buy a home.

 

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