When the FOMC (Federal Open Market Committee) convened their fifth of eight annual meetings on Wednesday, they voted to leave the Fed Funds Rate unchanged at  0.000-0.250 percent. The Fed Funds Rate is the rate at which banks lend money to each other overnight.

The FOMC also noted that they saw moderate expansion in the economy this year and expect slow growth to continue moving forward: 

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects economic growth to remain moderate over coming quarters and then to pick up very gradually. Consequently, the Committee anticipates that the unemployment rate will decline only slowly toward levels that it judges to be consistent with its dual mandate. Furthermore, strains in global financial markets continue to pose significant downside risks to the economic outlook. The Committee anticipates that inflation over the medium term will run at or below the rate that it judges most consistent with its dual mandate.

To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee expects to maintain a highly accommodative stance for monetary policy.

Mortgage Rate Update for June 22, 2012

Mortgage rates spiked following the meeting on Wednesday, then went recover all lost ground on Thursday; moving down on some more poor economic data that was released, continued Euro concerns and weak growth in China.

Today finds mortgage rates near all time historic lows, once again. Yes, once again. 🙂

Where Are Mortgage Rates Now?

As we’ve told you many times before, we can’t publish rates here because they’ll very likely be out of date by the time you read this since mortgage rates can change many times per day. To get an up to the minute mortgage rate quote, please use the fast quote form above or simply call us so that we can answer any questions you might have!