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The Federal Reserve and their Policy Statement
May 7, 2007
The Federal Reserve Open Market Committee (FOMC) meets this week and the consensus opinion is that they will leave short term interest rates unchanged. The great unknown is what verbiage they will place in their policy statement. Recently they have been very firm with their stance that inflation is still running a little higher than their target rate of 1.0% to 2.0%. With the Unemployment Rate increasing to 4.5% and a paltry 88,000 new jobs being created in April, some economists believe that we will see inflation continue to drop toward the Fed's target rate. If so, a rate cut might be in the cards.

There is currently a great deal of uncertainty in the market. A 6.125% 30 year fixed mortgage is still great. I also believe that the days of 30 year fixed rates at 5.00% are a thing of the past. Unless you are incredibly comfortable with interest rate risk, lock your rate. Your degree of happiness at saving an 1/8 of a percent will be far less than your degree of unhappiness if you lose that 1/8 of a percent!

Brett Wolf
Loan Officer





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