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What more Fed easing really means for mortgage rates

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Now that the Fed is expected to keep its foot on the easy money pedal for months to come, don't expect to see interest rates go much lower.

Fixed income strategists say the 10-year Treasury is likely closing in on the bottom of its yield range, a move that could be good for roughly another quarter point reduction in 30-year mortgage loan rates.

The 10-year yield, on a wild ride since the Fed first began talking about tapering its $85 billion monthly bond buying program, was at 2.48 percent Wednesday, a four month low. That is well above the 1.61 percent year low from May 1 and off the 3 percent it reached at the height of anticipation about a possible pull back in Fed easing.