Federal Reserve to Lower Mortgage Rates


Posted on Sep 21, 2011

The Fed said it will buy $400 billion of Treasury securities in the 6- to 30-year range and sell an equal amount of maturities of 3 years or less. The purchases would be completed by the end of June 2012. The Fed move has been nicknamed "Operation Twist" because it mirrors a effort in 1961 to buy longer-dated bonds and sell shorter-dated securities. It also said would reinvest proceeds from maturing mortgage and housing agency bonds it holds back into the mortgage market, an acknowledgment of just how weak housing remains.

With lower mortgage rates and lower rates on business loans, the Federal Reserve is hoping this will jump start the economy.

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