Mortgage rates improved again on September, 16 2013, bringing them to their best levels of month, just on par with rate sheets from late August. Conforming, 30yr Fixed rates held at 4.625% in some cases with the improvement being more readily seen in the form of lower closing costs. In others, the the most efficient combination of up front cost and monthly payment (best-execution) fell to 4.5%.
The Federal Reserve is very much in focus for several reasons. Of course the upcoming meeting and announcement on Wednesday have been in focus for several months as they've increasingly become the most likely venue for the Fed to signal a reduction in asset purchases (aka "tapering"). Wednesday remains important for that reason, but also because the text of the announcement, the press conference with the Chairman and the staff economic projections will help build the market's sense of how the Fed will handle itself as the tapering process (assuming it's announced) continues to unfold.
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