New York Fed Starts Mortgage Backed Security Purchases

The New York Fed stated “Selected private investment managers are acting as agents of the New York Fed in these purchases.” These investment managers include BlackRock Inc., Goldman Sachs Asset Management, Pacific Management Investment Co. and Wellington Management Co.

According to the New York Fed, complete details will be available on their website beginning Thursday January 8th and will be updated every Thursday thereafter.

The mortgage purchase program was first announced on November 25th and is now being used to help drop mortgage rates to lows that have never been seen before. The 30 year fixed mortgage rate has been on a downward spiral for 8 weeks, reaching a record low of 5.10 percent according to Freddie Macs’ Primary Mortgage Market Survey.

You can view the latest mortgage rates and listen what mortgage brokers are saying about the movement of the mortgage market and mortgage rates by visiting www.fpf-direct.com.