BREAKING NEWS ON RATES!!!

Despite the FED indicating over the past 3-4 month that there is a possibility they will start tapering  their “bond purchases*” this month they actually surprised most markets and DID NOT change anything.  This is good for rates for the moment.  Bond buying will continue at a pace $85 billion a month.  We may see a slight dip in rates.  Who knows how long it will last however…

*Bond purchases by the Federal Reserve had played a significant part in getting mortgage rates to drop over the past few years.  The mention of the pull back is what caused them to start to go back up earlier this year.