According to the minutes from the Fed’s June meeting, the Fed will end its bond buying program in October. But based on recent Fed forecasts the first interest rate hike will most likely come in 2015. Meanwhile, mortgage rates remain at their lowest level of the year with conforming no point 30 year fixed rates averaging 4 1/8th and 15 year rates closer to 3 1/8th. Last week mortgage applications for both purchase and refinancing rose by 1.9%.
And now for something completely different: Did you know that the Empire State Building is struck by lightning about 7 times a year?
For more information on a home purchase, refinance, or a reverse mortgage, visit our website at www.ARAMCO.Biz or call me at (877) 700-0942.
This is Mehran Aram with today's ARAMCO Report.