Info That Hits Us Where We Live – American Consumers
QUOTE OF THE WEEK… “The doors of wisdom are never shut.” –Benjamin Franklin
INFO THAT HITS US WHERE WE LIVE… The federal government may be shut down, but let’s hope the doors of wisdom are still open in Washington, so we can get back to business as usual. Fortunately, the good old American consumer has not lost faith in the housing market. Fannie Mae’s September 2013 National Housing Survey reported that the share of Americans who say now is a good time to buy a home went up by 1 percentage point, to 72%. The share who say now is a good time to sell went up by 2 percentage points, to 38%. In addition, it was reported that the majority of the mortgage market does not expect the government shutdown to impact the industry short term.
The biggest news of the week relating to mortgage rates was the President’s nomination of Fed vice chair Janet Yellen to the Fed chair post now held by Ben Bernanke. Yellen has supported the central bank’s mortgage backed securities (MBS) buying program that has kept rates low. One financial analyst noted, “She is a big supporter of the MBS buying spree, so mortgage rates will go down, not up, with this particular appointment.” Observers also believe she will not start tapering those bond purchases until unemployment drops to 6.5%, not expected any time soon. Her nomination should be approved by the Senate.
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