HomeLoans Blog

The Fed Chairman gave the first day of his semi annual testimony to Congress today. The comments helped stop a short stock market recovery and sent rates even lower.

Good for mortgage rates.

Not so good for the economy.

He seemed to suggest that there are no imminent plans for futher stimulus, and that concerns are shifting to prevent inflation, which is likely at some point given the large stimulus. 

I do not know the answer, but it appears that I am not alone in not knowing the answer.

One idea - help small business or at least stop with the unrelenting regulatory changes and let us catch our breath as we seek some certainty about what Congress will do next.

Here is a picture idea of what the movement in rates looked like today.

(As the line goes up rates are moving down.)