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.