Okay...so more uncertainty on the horizon.
FNMA 4.5% gained just 9 points today after being down much lower than that this afternoon.
Dow is down 81 points on the session today.
The markets again waited for the results from today's auction which came in at a "C" rating. Tomorrow we will hear if there are more auctions next week and the last of this week's auctions will be held. Hang on...
Feds released meeting notes suggesting that they intend to keep the fed funds rate low for some time. Also, we see that they intend to start tapering off the purchase of mortgage backed securities and will soon be purchasing only every other week vs. every week as they are now. This is an attempt to make the $1.25 trillion they intend to invest last longer.
One note> the feds are purchasing mortgage backed securities...but also the securities are being bought from them with refinances etc. So: if the feds "invest" 30 billion one week...but 8 billion is bought back...the "net" investment is only 22 billion. I haven't seen if the "NET" investment will be $1.25 trillion or if the "gross" investment will be $1.25 trillion and will let you know when I find out.
FHA changes coming for streamline refinances. If anyone wants a copy of this latest memo from FHA let me know.
Expect rates to remain low into next month...but there are always surprises. Best Strategy: rates don't determine the market! YOU DO. Good luck in your efforts to be the best you can be and helping people make good decisions in these times of opportunity.
Have a great eve,
Chad
Awareness: the act of being entirely present. Is there anyone you are aware of who could use my services or friendship? Accountant, Financial Advisor or Attorney? Don't hesitate to let them know...it could be a rewarding relationship opportunity!
Sincerely,
Chad Schauers
www.MetChad.com
cschauers@metlife.com
406 522 0922
