Today Fed Chairman, Powel announced an end to Quantitative Easing or “Tapering”. Meaning the gradual reduction and elimination of the fed program of asset purchasing to counter the effects of the pandemic. The fed purchasing of assets or Treasury securities and mortgage-backed securities was $120 billion per month. Powell announced reductions in November and December of $10 billion in Treasury securities and $5 billion in mortgage-backed securities ultimately reaching zero by June 2022.
This will result in a gradual to not-so-gradual increase in mortgage interest rates due primarily to a huge reduction of demand in the secondary residential mortgage sector.
If you are considering a refinance to pay off high interest credit card debt because those rates are going higher too, or remodeling, vacations, a car, etc. all paid with low interest tax free money...NOW IS THE TIME TO ACT! CALL DMC TODAY
720 951 3921