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Furthermore, as expected, the Federal Reserve launched a market stimulus plan aimed at lowering long-term interest rates. The Fed will sell $400 billion in Treasury securities with a maturity of 3 years or less, and use the proceeds to buy the same with maturity between 6 and 30 years. Mortgage market free credit report history Spokane reaction to the FOMC statement has been positive this afternoon. Mortgage rates in South Carolina are improving, but note that Wall Street sentiment can shift quickly free credit report history Spokane especially in a market thats as uncertain as this one. get free credit report If todays mortgage rates and payments fit your household budget, consider locking in a rate. The FOMCs next meeting is a 2-day affair, scheduled forNovember 1-2, 2011. The Federal Open Market Committee adjourns from a two-day, scheduled meeting today, the sixth of 8 scheduled meetings this year, and the seventh Fed meeting overall. The FOMC is a designated, 12-person committee within the Federal Reserve, led by Fed Chairman Ben Bernanke. free check credit report The FOMC is the voting members for the countrys monetary policy. Among its other responsibilities, the FOMC sets the Fed Funds Rate, the overnight rate at which banks borrow money from each other.

Note that the Fed Funds Rate is different from mortgage rates. Rather, they are based on the price of mortgage-backed bonds, a security traded among investors. As the chart at top illustrates, the Fed Funds Rate and conforming mortgage rates in Simpsonville have little correlation.Since 1990, the two benchmark rates free credit report history Spokane have been separated by as much as 5.free credit report history Spokane 29 percent, and have been as close as 0.52 percent. free credit report and score