Today marked the final day of the Feds $1.25 trillion purchase of mortgage backed securities — a successful program meant to drive mortgage rates down. Prior to Fed’s involvement in the market, mortgage rates were approximately 1% higher than where they are today. Over the course of the buying program, mortgage rates reached their lowest levels in history.
So, mortgage rates in the 4′s . . . I bid you adieu.
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“So long, farewell, auf wiedersehen, good [bye]”
“So long, low rates, auf Wiedersehen, good bye,
Oh must, you go, I loved them under fi-ive [percent]. (doo-do-doo, etc.)
So long, farewell, auf Wiedersehen, adieu
Fed purchase, is done . . . 30 year’s now six point two [well, it could be soon]. (doo-do-doo, etc.)
“So long, farewell, au revoir, auf wiedersehen
I thought, I heard, low rates were here to stay [a reference to the most recent Fed statement, although mainly on the need for the Federal Funds rate to remain low, but leaving the option open to re-enter the MBS market; also a reference to consumers who "feel" like mortgage rates may go lower, without any reasoning or explanation to support said feeling]. (doo-do-doo, etc.)
So long, farewell, auf Wiedersehen, goodbye
No more, refi’s, a sigh and say goodbye — Goodbye.
We’re sad, their done, I cannot tell a lie,
[in order for mortgage rates] To stay, so low, who’s really going to buy?? (doo-do-doo, etc.)
The Fed money has gone away and so must four point two fiiiiiiive . . .
So long, great rates, auf Wiedersehen, goodbye
Goodbye, goodbye, goodbye
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Tags: 1.25 trillion, Feds, Feds buying MBS, mortgage rate prediction, mortgage rates, refi, refinance, should I refinance
