Rate Update 2008-08-27: FOMC Minutes

By:: Bill Rice - MortgageLoan.com

The recently released FOMC Minutes reflect a general consensus that inflation is the primary Fed concern. However, there are obvious debate between the inflationary hawks and dove camps within the FOMC over the severity of the concern. This internal debate, which has leaked out in public statements by Fed hawks Plosser (Philadelphia) and Fisher (Dallas) is likely to effect only the timing and size of the tightening. Fed rate hikes are ahead. Market reaction to the FOMC Minutes are likely to begin mortgage rates on a steady climb.

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National Rates

Loan Type	Today	+/-
30 yr fixed	3.80
15 yr fixed	3.10
5/1 ARM	2.73

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