Mortgage rates have retreated from their highs of earlier this month. The U.S. Treasury 10 year note, often viewed as a benchmark for interest rates is presently at a six week low. The consensus seems to be that although the economy is improving, it is improving at a rather anemic pace. The Federal Open Market Committee (FOMC) meets on January 28th & 29th. Fed watchers will be on alert to see if the Federal Reserve will continue it’s tapering efforts in light of the slow economic growth. Rates for a 30 year fixed rate loan are closer to 4.50%, & the rate on 15 year fixed rate conventional loan has dropped below 4.0% for most borrowers.
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