The Fed will purchase between $4 and $5 billion in 5 to 7 year Treasuries today in its final QE2 purchases, and will continue to reinvest cashflows from its portfolio but will not be making anymore new money purchases.
For the week ending June 25, initial jobless claims came in at 428,000, down 1,000 from the previous week’s 429,000; however, expectations were for claims to fall to 420,000. Jobless claims are not easing as economists continue to project, reflecting a struggling economy that is unable to produce jobs.
Mortgage prices are worse this morning by .25% to .375%, but are still extremely low. 30 year fixed rate loans remain in the mid 4% range.
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