Nothing earth shattering in the FOMC Minutes but just the same, some of you may like reading it.  Cliff notes version references:

“Record low mortgage interest rates with high levels of refinance taking place yet many are shut out of the market due to home valuations and/or poor credit.”

“Households continue to repair balance sheets by saving more and paying down debt but many participants unsure about employment outlook.”

“Commercial real estate continues to face difficult financial conditions.”

“Several members of the committee noted that unless the pace of economic recovery strengthens or underlying inflation moves closer to the Committee’s mandate, they will consider it appropriate to take action soon.”

The last statement has all to do with Quantitative Easing 2.  Markets didn’t flinch on the minutes release, content on staying at the low end of today’s trade (highest yield/worse Austin mortgage levels).  Dow is set to go out up 25 points.  Still best to be cautious, Austin mortgage borrowers!