What Fed’s Latest Move Means for Mortgages at SmartMoney.com
What Fed's Latest Move Means for Mortgages
The Federal Reserve may be keeping interest rates intact at near 0%, but consumers planning to buy a home or refinance one in the following months may want to take note: The end of record-low mortgage rates appears to be a step closer.
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Granted, Wednesday’s Federal Open Market Committee statement was nearly identical to that issued in September, when the Fed indicated that it plans to extend its purchase of agency mortgage-backed securities through the first quarter of 2010. (Agency mortgage-backed securities, or MBS, are sliced-up pools of mortgages bought by Fannie Mae (FNM: 1.00*, -0.02, -1.96%), Freddie Mac (FRE: 1.13*, -0.03, -2.59%) and Ginnie Mae.) The program, in which the Fed had pledged to pour up to $1.25 trillion, was intended to run through the end of this year.
