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Fed Meeting Minutes Show Hope In Economic Growth

The minutes of the Federal Reserve's Federal Open Market Committee meeting held October 29 and 30 were released Wednesday. The meeting began with a report from the Manager of the System Open Market Account and included updates on developments within domestic and foreign financial markets. According to the report, no intervention by the Federal Reserve was required on foreign currencies during the period between the last and current FOMC meetings. FOMC: Key Data Delayed by Shutdown The FOMC noted moderate economic growth in the period since its last meeting, but also noted that several federal agencies delayed release of key…
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4 Tips To Save For That Down Payment

In order to save up a huge amount of cash for the down payment on your first mortgage, you need a solid savings plan! When you take out a mortgage on your new home as a first time homebuyer, the more you can pay as a down payment the better. The down payment on a mortgage reduces the principle of the loan and means that you will be paying tens of thousands less in interest payments over the life of the loan. Most financial experts recommend that you should save up at least 20% of the value of the home…
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Housing Market Index Shows Builder Confidence Remains Above 50

The National Association of Home Builders released its Housing Market Index  for November on Monday. This month's HMI reading was 54 against expectations of a reading of 55. October's reading was also 54 after being downwardly revised. Readings over 50 generally indicate that a majority of builders surveyed are confident in current housing market conditions, but the current pause came after two months of decline in home builder confidence. While the short term index readings are lower than in past months, the HMI is currently 20 percent higher than last year. David Crowe, chief economist for NAHB said that "the…
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What’s Ahead For Mortgage Rates This Week – November 18, 2013

The Veterans Day holiday on Monday contributed to a quiet week for economic news. On Wednesday the reading for the federal budget deficit for October fell from September's reading of -$120 billion to -$92 billion. Freddie Mac Released Its Primary Mortgage Market Survey On Thursday The average mortgage rates increased across the board, but remain below historical levels. The rate for a 30-year fixed rate mortgage rose by 9 basis points from 4.16 percent to 4.35 percent with discount points decreasing from 0.80 percent to 0.70 percent. The average 15-year mortgage rate rose from 3.27 percent to 3.35 percent with…
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