Click through the timeline below to see the effect the Fed's moves had on mortgage rates.
End of QE1: March 31, 2010
What the Fed did
- After completing the purchase of $1.25 trillion in mortgage-backed securities, $300 billion in Treasury bonds and $175 billion in federal agency debt, the Fed ended QE1.
- QE1 was initially open-ended. The Fed did not set an end date for the program until about six months out, as it slowed the buying pace.
What was expected
Many industry experts expected mortgage rates to rise after QE1 ended.
Contrary to analysts' expectations, mortgage rates tumbled after the program ended.
How mortgage rates reacted after QE1 ended
Note: Mortgage figures are from Bankrate's weekly national survey of large lenders.