Last week’s economic events included weekly releases on new jobless claims, mortgage rates and testimony by Fed Chair Janet Yellen concerning the Federal Reserve’s monetary policy.
What’s Ahead For Mortgage Rates This Week – Feburary 1, 2016
Last week’s economic events included S&P Case-Shiller’s home price indexes, reports on new and pending home sales and the Fed’s FOMC statement. The details:
FOMC Statement: Fed Holds Steady on Rates
According to statement issued at the conclusion of today’s Federal Open Market Committee meeting, committee members decided against raising the target federal funds rate. Mixed economic conditions, slower economic growth in the 4th quarter and low inflation contributed to the decision against raising rates. The target federal funds rate was raised in December to a range of 0.25 to 1.59 percent after remaining at 0.00 to 0.25 percent for several years. While rising fed rates were expected to cause a hike in mortgage rates, mortgage rates fell after December’s rate hike.
FOMC Statement: Fed Holds Steady on Rates
According to statement issued at the conclusion of today’s Federal Open Market Committee meeting, committee members decided against raising the target federal funds rate. Mixed economic conditions, slower economic growth in the 4th quarter and low inflation contributed to the decision against raising rates. The target federal funds rate was raised in December to a range of 0.25 to 1.59 percent after remaining at 0.00 to 0.25 percent for several years. While rising fed rates were expected to cause a hike in mortgage rates, mortgage rates fell after December’s rate hike.
