This Nov the fed started their quantive easing strategy. Simply put Quanative easing is when the fed buys treasuries to try and help lower interest rates. When this started the news started reporting that mortgage rates have hit new lows again. Without a doubt mortgage rates remain near historic lows with par pricing on a 30 year fixed being as long as 3.875%. However what you are hearing from the media is about what has happened.
The economy has shown signs of improvement. Many are skeptical of the Feds action and it appears to have been affecting MBS in a negative way rather than getting better for rates. We may have already seen the bottom for mortgage rates.
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