The Federal Reserve released its December 14 meeting minutes Tuesday afternoon. There wasn’t much there to disturb mortgage markets, thankfully.
For the period July-September 2010, 52 of 54 responding loan officers admitted to tightening their prime guidelines, or leaving them “basically unchanged”.
Today, the Federal Open Market Committee voted 9-to-1 to leave the Fed Funds Rate unchanged within in its current target range of 0.000-0.250 percent.
The Federal Reserve ends a scheduled, 2-day meeting today. It’s the seventh of 8 scheduled Fed meetings in 2010, and the eighth overall this year. Mortgage rates should be especially jumpy.
If you’re actively shopping for a mortgage, it may be prudent to lock your rate ahead of the Fed’s announcement today.
According to the Federal Reserve’s quarterly survey of senior bank loan officers, roughly 1 in 10 lenders added mortgage qualification hurdles between April and June. It’s a huge departure from just 2 years ago when the mortgage industry was facing its first wave of challenges.