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Rates fall to record low; what the Fed said

By Holden Lewis · Bankrate.com
Thursday, June 24, 2010
Posted: 10 am ET

A busy day yesterday, hence the lack of blog posts. The biggest news of the day (well, the biggest news from Bankrate's perspective) came from the weekly mortgage rate survey. Mortgage rates fell to a modern-day low again. Yet mortgage applications were down. I explained that getting a mortgage might not be as hard as you think.

In the mortgage Rate Trend Index, a majority of voters believe rates will remain relatively unchanged over the next week. Me, I think rates will go up. My track record says otherwise: In the weekly RTI, I've guessed the direction of mortgage rates correctly 20 times in the last 52 tries.

The Federal Reserve held short-term interest rates steady again, to no one's surprise. In a game effort to make that story interesting, I quoted Narayana Kocherlakota.

And here's my translation of the Fed's monetary policy statement into ordinary English.

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