Knoxville ,TN (PRWEB) January 06, 2014
Peoples Home Equity is proud to echo news that the senate has voted and approved vice chairman Janet Yellen as the new Federal Reserve chairman. Peoples Home Equity will be paying attention on Wednesday, January 8th during the FOMC minutes announcement to see if Ms. Yellen makes any statement alongside Mr. Bernanke. Apart from the Federal Reserve Wednesday will be important also for weekly mortgage applications.
Today, January 6th Janet Yellen was announced to lead the Federal Reserve. Ms. Yellen won the senate vote by a narrow68% majority, 56-26 vote, according to YahooFinance.com. The new chairman is a comforting choice for those who enjoyed Mr. Ben S. Benernake’s leadership as Ms. Yellen is ideologically similar to the current, outgoing chairman. People Home Equity now finds the FOMC minutes message carries more weight than usual as lenders and home buyers alike will be watching to see if Ms. Yellen says anything regarding the economy. The lender encourages home buyers to pay extra attention to possible dates on when a further taper of quantitative easing (QE) may occur. Mortgage rates are currently hyper sensitive relating to Federal Reserve policy statements. Any further tapering of QE may lead to a dramatic rise in mortgage rates to the detriment of prospective home buyers. Thus, Peoples Home Equity strongly encourages individuals to at least apply now for a mortgage before its before buying a home becomes too expensive!
Aside from the Federal Reserve, Wednesday, January 8th will also be an important day for a long overdue weekly mortgage applications report released by the Mortgage Bankers Association. In the last report, on December 24th, 2013, Mike Fratantoni, MBA’s Vice President of Research and Economics, said that applications had declined to the “lowest level since November 2008”. Peoples Home Equity expects to see a rise in mortgage applications since initial jobless claims dropped -11% in the end of December.
Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300