Interest Rate News 07.16.2014

Overall mortgage rates remain flat this week.  Janet Yellen recently spoke before congress which was a non-market moving event.  The Fed continues forward with their tapering plan and the expectation is that this will end in October 2014.  Currently there are no plans to sell their holdings.  After a decent year, purchase volume seems to be declining and refinance volume is still very low.

Earning season has started and some banks of reported decent earnings with one glaring drop off; mortgage origination volume.  Chase has seen over a 70% drop in volume.