Jonathan Miller, president of Miller Samuel Inc., talks about the impact of Federal Reserve monetary policy on the housing market. Miller speaks with Tom Keene and Scarlet Fu on Bloomberg Television’s “Surveillance.”


Source: Bloomberg, Sept. 18

Category: Real Estate, Video

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One Response to “What Has Ben Bernanke Done to the Mortgage Market?”

  1. ConscienceofaConservative says:

    Banks are not lowering rates all that much. They are using the lower rates brought about by QE3 to increase profit margins on issuing new mortgages while keeping as many higher coupon mortgages from refinancing. Consider how the Fed is clued in to the market or assuming they read Chris Whalen they ought to have known and anticipated the market response to QE3 and mortgages(If there’s any doubt simply looking at the spread between Fannie/Freddie commitment rates and the mortgage current coupon should bear this point out). Further on the point of mortgages the activity has been concentrated on refinancing the best credits and not 2nd tier credits or originated new loans.

    Now as far as NY is concerned or Manhattan, the high end is being driven not by QE3 but by foreign money seeking a safe haven. Foreigners are increasingly worried about domestic inflation, currency controls, having assets appropriated, etc, so Russians , Chinese, Argentinians, Greeks etc will be a steady source of real estate money in NY and probably safer than investing in dubious Chinese equities or a market primed by QE or in constant threat of the next fat finger trade etc.