Let's twist again, like we did last summer!

In an effort to bolster the stalling economy, the Fed has decided to extend its “Operation Twist” program that it began last summer.  In a nutshell, the Fed will exchange its shorter-term debt for longer term-debt in an effort to further lower long-term interest debts like mortgages.

The Fed has said it will exchange up to $267 Billion in shorter term obligations for the same amount in longer-term obligations to spur the economy.

“If we don’t see continued improvement in the labor market, we’ll be prepared to take additional steps if appropriate,” Fed Chairman Ben S. Bernanke said at a news conference in Washington following a two-day meeting of the Federal Open Market Committee. “Additional asset purchases would be among the things that we would certainly consider.”

If you are looking to purchase a new home, they haven’t been as affordable as they are right now in decades. And, if you are a homeowner looking to save some money, give me a call today to see if refinancing is right for you. I can be contacted at 708-473-7688 or BarkerLoans@gmail.com