Interest Rate Update, January 31st, 2014

by Tony Abate · January 31, 2014

Interest rates have remained flat to slightly lower over the course of the last week. The Federal Reserve ended their most recent FOMC meeting this past Wednesday. This was the last FOMC meeting to be chaired by Ben Bernanke, & the new Fed chairperson, Janet Yellen takes the wheel from here. The meeting was anti-climatic, lending credence to the lack of movement of interest rates. The Fed is continuing down its path to taper it’s purchase of government bonds. As expected, they reduced their “quantitative easing” purchase by another $10 billion, which was widely anticipated. Mortgage interest rates on a 30 year fixed rate conventional loan are just over 4.50%, and are in the high 3.0% range for a 15 year loan.