WFS Jumbo rate – 5/5 ARM: 3.250%
Other WFS rates – Check with your GSM for current rates.
Refi Index – (-9.0%)
Purchase Index – (-4.0%)
NAHB Builder Confidence – 62 (+1 pt.)
Existing Home Sales – 5,590,000 (+2.0%)
New Home Sales – 507,000 (+5.4%)
Pending Home Sales – 110.9 (+0.5%)
Housing Starts – 1,126,000 (-3.0%)
Building Permits – 1,170,000 (+3.5%)
(As of Sept. 17, 2015)
The Federal Open Market Committee (FOMC) met this week, and after the meeting, the Federal Reserve announced that it would not raise its federal funds rate. Rates have been at zero since late 2008 when they were slashed during the financial crisis.
The two-day meeting was highly anticipated, as the Fed has been hinting for several months that it may soon raise its benchmark interest rate. In a statement, the FOMC explained its reason for keeping rates at zero saying, “Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term.”
The FOMC meets again in October then once more this year in December. According to its statement, “The committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen some further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.”
Weichert Gold Services Managers are available to help explain how the federal funds rate impacts mortgage financing.
Contact me for more information.
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