All things quiet on the mortgage rates front. I didn't realize this but Ben Bernanke is fighting for his job tomorrow (well, sort of). The nerdy little Economics professor who spent his life's work preparing for the Great Recession, is facing competition from subordinate Janet Yellen and Larry Summers:
Besides keeping Bernanke, Obama’s options include appointing Summers or Janet Yellen, both among the most prominent Democratic economists and veterans of the Clinton administration, Jones said. Bill Burton, a White House spokesman, declined to comment.
Summers, 54, a former Treasury secretary who heads Obama’s National Economic Council, is considered the front-runner should the president want a change. San Francisco Fed President Yellen, 62, was previously a Fed governor and chairman of the Council of Economic Advisers and would be the first female Fed chief.
Mortgage Rates are stable, prior to the Fed talk tomorrow:
Conv 5.3755% (no points) 5.125% (1 point)
FHA 5.5% (no points) 5.25% (1 point)
VA 5.5% (.25 point) 5.25% (1.25 point)
