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Some Fed officials argue that economy is improving fast enough to signal lower support

Some Federal Reserve officials think the economy is improving fast enough that the Fed will soon need to signal a change in the extraordinary support it's been providing the economy in the form of ultra-low interest rates.

Minutes of the Fed's discussion at its July 29-30 meeting show that some officials thought the economy was improving enough that the Fed would need "to call for a relatively prompt move" toward reducing the support it has been providing. Otherwise, they felt the Fed risked overshooting its targets for unemployment and inflation.

In the end, the Fed made no changes at the July meeting. It approved on a 9-1 vote keeping its current stance on interest rates. But the minutes indicated rising support for a change.

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 3.96% up 3.94%  
15 Y Fixed Graph 3.08% up 3.03%  
30 Y Fixed Jumbo Graph 4.25% up 4.17%  
5/1 ARM Graph 3.33% -- 3.33%  
5/1 Jumbo ARM Graph 3.16% up 3.12%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.33% up 4.32%  
$50K HELOC Graph 4.06% -- 4.06%  
$30K Loan Graph 5.05% -- 5.05%  
$50K Loan Graph 4.48% -- 4.48%  
$75K Loan Graph 4.50% -- 4.50%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.95% up 2.93%  
36 M Used Graph 3.50% up 3.48%  
48 M New Graph 3.23% up 3.22%  
48 M Used Graph 3.03% dw 3.04%  
60 M New Graph 3.25% up 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.39% -- 0.39%  
1 yr Graph 0.72% -- 0.72%  
5 yr Graph 1.51% up 1.50%