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Yellen signals that still-subpar job market needs Fed's continued low-rate policies

Federal Reserve Chair Janet Yellen says the extraordinary measures the central bank has used to boost the economy are still needed.

Yellen's remarks are a signal that even after the Fed phases out its monthly bond purchases later this year, it will keep a key short-term interest rate at a record low for some time.

In her first major speech since taking over the Fed's leadership in February, Yellen continually describes the U.S. job market as being less than healthy despite some improvement. She says the difficulty many people are still having finding full-time work shows that low rates are still needed to encourage borrowing and spending.

Yellen says she thinks this view is widely shared by her Fed colleagues.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.23% up 4.19%  
15 Y Fixed Graph 3.26% dw 3.27%  
30 Y Fixed Jumbo Graph 4.62% dw 4.64%  
5/1 ARM Graph 3.70% up 3.38%  
5/1 Jumbo ARM Graph 4.07% up 4.01%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.29% -- 4.29%  
$50K HELOC Graph 4.04% -- 4.04%  
$30K Loan Graph 5.09% up 5.08%  
$50K Loan Graph 4.52% -- 4.52%  
$75K Loan Graph 4.52% -- 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% dw 3.47%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 2.99% up 2.98%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% -- 0.35%  
1 yr Graph 0.69% up 0.68%  
5 yr Graph 1.39% -- 1.39%