Licensed Mortgage Loan Officer NMLS# 460191

Hold on to your hats, mortgage seekers!  A wild ride in happening in the mortgage rate markets.  Based on comments beginning last week by Fed Chairman, Ben Bernanke, stock and mortgage markets began swinging wildly.  Apparently the concern was that the Fed was tapering the bond buy back program - quantitative easing - that has been helping keep interest rates low.  Yesterday, at the conclusion of the Fed's Open Market Committee meeting (FOMC), Bernanke tried to clarify his earlier statements.  Let me insert here that Bernanke's clarification - in my view - is really no different from what the Fed has been stating all along; that they would employ quantitative easing to help stimulate the economy and would probably need to do that for most of 2014. Anyway regardless of change or no change mortgage bonds prices slid and that produces a rise in interest rates.  An over-reaction?  I think so - and I think a swing back will occur ... But I don't think it will take us back 3.500%.  Watch the market via the many online resources available - MarketWatch or HSH are two I recommend.  Stay in touch with your mortgage Loan officer.  If you are a first-time buyer there is still money available through the State of NJ mortgage program - but you must meet program parameters.  Meanwhile, if you have a locked rate be sure to cooperate with documentation requirements to close your loan on time.  Hang on - it's going to be bumpy for a whike