Rates Hold Steady for Now, Fed Action Points to Possible Hike in December

The Federal Reserve kept the benchmark rate unchanged on Wednesday, in a divided vote that alludes to the possibility of a hike before the end of the year. “The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives,” the Federal Open Market Committee (FOMC) released in statement. “The Committee expects that economic conditions will evolve in a manner th...
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HUD: March Housing Scorecard Shows Progress

The U.S. Department of Housing and Urban Development's (HUD) latest Housing Scorecard for March, released in conjunction with the U.S. Treasury, showed progress in the housing market, but cautioned that the national economy is still healing from the Great Recession. In particular, the report commented that foreclosure starts continued to decrease while January home prices remained stable. "While there is good news in the March Scorecard, it's clear the housing market is still in the recov...
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Interest Rates Jump from Comments by the Fed

  Mortgage rates jumped up this week, propelled by remarks made at Janet Yellen’s first press conference as Federal Reserve chair. In its weekly Primary Mortgage Market Survey, Freddie Mac reported an increase of 8 basis points in the 30-year fixed average rate, bringing up to 4.40 percent (0.6 point) for the week ending March 27. A year ago at this time, the 30-year fixed-rate mortgage (FRM) averaged 3.57 percent. The 15-year FRM also climbed, moving up a tenth of a percentage...
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