Mortgage rates rallied lower yesterday after the Federal Reserve reiterated they intend to keep the Fed Funds rate at at exceptionally low levels for an “extended period”. The Fed also held steady in their belief that inflation is not posing a threat to economic stability. In regard to the MBS Purchase Program, although the door for some sort of extension or reopening is not completely closed, the Fed is still widely expected to finish the program at the end of March READ MORE . Following the release of the statement, benchmark Treasury yields declined and prices of mortgage backed securities moved higher. This allowed most lenders to reprice for the better, lowering consumer borrowing costs by a few basis points . Still, the price improvements were not enough to push the par 30…(read more)
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