There’s a lot of talk about the Federal Reserve cutting back their buying of mortgage bonds, which is known as tapering. The purchases of mortgage bonds have helped keep interest rates low.
This can be very important to you if you are considering purchasing a home or looking to refinance your current mortgage to save money.
Interest rates are still extremely favorable. But last week at their meeting, the Fed said that they will likely begin reducing their purchases of mortgage-backed securities by the end of this year, with an official announcement likely on November 3.
Once the Fed starts to pull back on their purchases, there is a risk that interest rates may move up, which makes this a great time to take advantage of low rates.
Contact Chris Graves, your certified mortgage advisor, at 978-376-5389 today!