Market Update
While Mortgage Rates have been trending upward, by the end of last week, rates began to shift back downward. Federal Reserve Chair nominee Janet Yellen’s testimony before the Senate last week appears to have helped ease mortgage rates. Yellen defended the program of quantitative easing and made it clear that she would continue to aggressively use monetary policy to boost economic growth. This news has sent Stock Markets soaring which continues this morning. This week will likely see mortgage rates leveling out as the markets continue to sort through financial data and Yellen’s testimony last week.
