Fed kept the target funding rate unchanged

stock-marketTouting a significant Global slowdown, the Fed kept the target funding rate unchanged.  In the policy statement, the language concerning the purchase of Agency paper (MBS) remained unchanged.  They did however, open up the possibility of buying treasuries to keep interest rates stable.  Fast markets exist with mortgage back securities down 3 to 5/32’s, stocks up 220 on the big board, and the 10-year note  sliding, down 38/32’s at a yield of 2.64%. 

Be careful out there.

About Max Leaman Austin Mortgage

GREAT RATES, LOW FEES, CLOSE ON TIME™ ---- 2012 Ranked #1 Austin Residential Mortgage Lender (Austin Business Journal) 2010, 2011 & 2012 Five Star Professional (Texas Monthly) 2009, 2010, 2011, 2012, 2013 PrimeLending Chairman's Circle Award 2009, 2010, 2011, 2012 Scotsman Guide Top Originator (Top 200 Mortgage Professionals in U.S.A.) Better Business Bureau "A+ Rating" National Lender Rankings (Scotsman Guide): Top Purchase Volume (No. 10) Most Loans Closed (No. 32) Top Dollar Volume (No. 88)

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