Seattle and Bellevue Real Estate Mortgage Rate Watch 10/19/10
Seattle and Bellevue Real Estate Mortgage Rate Watch: Atlanta Fed President Dennis Lockhart commented on the potential purchases of $100 Billion per month. Looking back to 2009 when the Federal Reserve purchased a total of $1.2 Trillion from January 2009 to March 2010. The goal of the Federal Reserve was to stabilize interest rates and keep them low. Looking back the plan was effective and the goal was accomplished. This time around deflation and unemployment is still a concern, to keep the economy from further slowing they could plan to use the same measures we saw in 2009.
What this means to homeowners is interest rates may stabilize at these levels once again and may be even pressured lower. This all leads to the November 2nd & 3rd meeting, what still remains yet to been seen is how, what and when the purchases will begin.
We will post any breaking news on our twitter pages if the market moves rates. We will be back with your Mortgage Rate Watch tomorrow.