Seattle Mortgage Rates Today 11/20/12
Seattle Mortgage Rates Today 11/20/12: “The sky is falling! The sky is falling!” Global markets were affected as worldwide sentiment hit the headlines. Moody’s downgraded France’s credit rating and U.S. corporate data reported lower than expected. However, the “fiscal cliff” is still at the top of investors’ minds. Doubt surrounding a bipartisan resolution continues to plague investors. Automatic tax hikes and spending cuts—to the tune of $600 billion—threaten to push the U.S. back into a recession if a resolution is not reached.
Of somewhat importance today is a meeting with Fed Chair Benny Bernanke discussing monetary policy. His rhetoric regarding the fiscal cliff, quantitative easing and general economic conditions may be market-altering. Fundamentally, mortgage bonds are positioned well as there is much to worry about here and abroad. With the long holiday weekend, expect nothing to get done as Congress has already checked out.