In a move that surprised just about everyone, the Fed announced last week no change in their bond-buying program, known as QE-3. Home loan rates dropped significantly as a result.
The Consumer Price Index for August revealed that inflation remains tame, and at 1.5% remains well below the Fed’s target of 2%.
In housing news, the KCRAR market report for August shows home sales dipped slightly from July, but were 8% higher compared to August, 2012.
The HBA reported a slight dip in building permits, but August figures are the third highest monthly score for 2013.
Bottom Line for Mortgages
Mortgage rates are starting the week off much better than we’ve seen in recent weeks.