The Federal Reserve expanded its purchases of GSE MBS by $750 billion in March to sustain the refinancing boom and keep mortgage rates low, according to the minutes of the last Federal Open Market Committee (FOMC) meeting.

When the committee met in mid-March, the Fed was already on track to reach its initial target of purchasing $500 billion in Fannie Mae, Freddie Mac and Ginnie Mae MBS and $100 billion in GSE debt by the end of June.

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