Mortgage Market Update for the end of APRIL, 2010

The FOMC started their two-day meeting yesterday which will end today with an announcement at 2:15 pm.  The Fed has been consistent in the use of the term “extended period” when referring to their low interest rate policies.  Market participants will be looking to see if the Fed maintains or alters that language in the announcement.  FOMC members will also be debating the timing of future asset sales.  The Fed is holding the mortgage-backed securities they purchased in order to prop up mortgage prices and will be selling those assets once they feel the markets have adequately stabilized.  Treasury and mortgage prices are higher today and rates lower based on concerns that the Greek debt crisis will spread to other European countries.

Be sure to call your Local Real Estate Expert in the Myrtle Beach and Pawleys Island area to buy your new home, condo, or investment property today. Jake Lee ( 843-240-0431) offers years of experiece and knowledge to make your new purchase a success! Also, visit him on the web for the latest listings, foreclosures, short sales, and more.

Need to qualify for a home loan? Call the #1 lender in Myrtle Beach, Mike Hogue (843-685-2465 or MHogue@GoFirstHome.com )

Thanks and Happy House Hunting!