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Bernanke Prepared to Cut Key Rates Again

February 29th, 2008 12:41 PM

Federal reserve Chair Ben Bernanke told the House Financial Service Committee during an appearance on Wednesday that the Fed is prepared to lower key interest rates again to bolster economic growth.

The Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks," he said.

Bernanke was asked when he thought the housing market might stabilize. It's possible, he said, that by "later this year it will stop being such a big drag directly" on the economy. But home prices probably will decline into next year, he added.

"It is very difficult to know, and we've been wrong before," Bernanke said.

Source: The Associated Press, Jeannine Aversa (02/27/08)

Posted by Steven Ladd on February 29th, 2008 12:41 PMPost a Comment (0)

Rates Rise for Third Week in Row

February 29th, 2008 12:42 PM

Freddie Mac reports a jump in the 30-year fixed mortgage rate to a more than three-month high of 6.24 percent during the week ended Feb. 28. The previous week rates stood at 6.04 percent. The jump marked the third consecutive weekly increase.

Interest on 15-year fixed-rate mortgages climbed to 5.72 percent from 5.64 percent over the same period. Meanwhile, the five-year adjustable mortgage rate edged up to 5.43 percent from 5.37 percent. The one-year ARM shot up to 5.11 percent from 4.98 percent.

Source: San Diego Union-Tribune (02/29/08)

Posted by Steven Ladd on February 29th, 2008 12:42 PMPost a Comment (0)