The minutes for the Fed’s January meeting was viewed as dovish and bond friendly. Many Fed officials said a premature rate hike would harm the recovery, while only a few thought a later move would risk higher inflation and lead to bubbles. Meanwhile the producer price index fell by a record 8/10ths of a % in January and permits for residential building also fell by 7/10ths of a %. Bonds rallied with conforming no point 30 year fixed mortgage rates averaging 3 7/8ths and 15 year rates closer to 3 1/8th. And now for something completely different… Abraham Lincoln was known for a lot of different things. But did you know he is also in the wrestling hall of fame? He lost only one out of almost 300 matches!
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at Aramco.Biz or call me at (877) 700-0942. This is Mehran Aram with today's ARAMCO Report.