Ishakis Finance Report Mortgage Broker Brooklyn
Loan Officer Yael Ishakis’s take on mortgage and finance news.
Wednesday’s customary post-meeting statement issued by the Federal Open Market Committee (FOMC) of the Federal Reserve provided some relief to investors and analysts concerned that the Fed may soon raise its target federal funds rate.
Last weekâs housing related news was minimal, but a Federal Reserve survey of senior loan officers revealed that although credit standards for commercial and industrial loans as well as credit cards are easing, current mortgage credit standards are more stringent than in 2005.
April’s meeting of the Fedâs Federal Open Market Committee was held along with the Board of Governors of the Federal Reserve System.
Last week’s economic news was dominated by speeches given by Federal Reserve presidents, the minutes from April’s FOMC meeting and commencement address given by Fed Chair Janet Yellen. The latest readings for new and existing home sales were also released.
Results from a Federal Reserve survey of senior bank loan officers indicated that lenders have held the line on prime lending standards and have raised standards for sub-prime and non-traditional home loans.
The Federal Open Market Committee (FOMC) released minutes from its January meeting on Wednesday, as it generally does three weeks following the meeting.
According to the Federal Reserve’s quarterly Senior Loan Officer Survey, it’s getting easier to get approved for a home loan.
Pricing for both conforming and FHA mortgage rates improved between Monday and Friday, with the majority of gains occurring late in the week.
Mortgage markets improved last week as the Federal Reserve introduced new economic stimulus.
Mortgage markets improved last week for the second consecutive week.