Daily Market Update 9/22/10

Mortgage rates held steady Wednesday after moving lower late Tuesday. Yesterday, Fed officials said they are “prepared to provide additional accommodation if needed to support the economic recovery.” Investors interpreted this to mean that additional bond purchases by the Fed could take place in the coming months if the recovery falters. This morning, the Federal Housing Finance Agency reported that home prices fell 0.5% in July from June, and 3.3% year-over-year. The Mortgage Bankers Association reported average 30-year fixed rates of 4.44% for the week ending 9/20. No key economic data will be released today.

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