Seattle Mortgage Rates Today 11/9/12
Seattle Mortgage Rates Today 11/9/12: Once again, mortgage bonds remain relatively unchanged. Although mortgage bonds have moved upward, the gains in bonds are relatively small given the circumstances—stocks have fallen and the Euro has moved lower in reaction to the Greek dissent on the parliament-approved austerity package.
”The name is Cliff. Fiscal Cliff.” Now that the elections are over, one item on the agenda that Congress must attend to is the dreaded fiscal cliff. With the looming idea that taxes will increase, cuts in spending and temporary payroll tax cuts will be eliminated has economists fearing another recession. Congress knew this year would be the end of this program; yet, they were not able to come to any agreement as to what should take place. Do the President and Congress really believe that they can find a solution in 2 months when they could not even find a solution in the past 22 months? I don’t think so. What will most likely happen is that they will figure out something that will essentially buy time—what that is, we haven’t the slightest clue.
At this point only time will tell what will happen. As for now, rates are still low thanks to QE3; floating is a viable option. But with the looming uncertainty, volatility should be expected. Be on the ready to lock.