Seattle Mortgage Rates Today 12/18/12
Seattle Mortgage Rates Today 12/18/12: Yesterday, markets received a slight boost as many thought negotiations between the President and House Speaker John Boehner were making progress. However, by the end of the day progress was at a halt. A major component of any deal is revenue. Last week, Boehner considered President Obama’s proposal in raising taxes on the wealthiest 2% of Americans. Obama’s proposal included those making over $250K; Boehner’s proposal considered those making $1M. President Obama conceded to the Republicans stance to those making over $400K. Although Boehner has refused, they may compromise at the $500K level. Initially, the $400K threshold was implemented during the Bush administration.
What’s next? As the year comes to an end with no deal in sight, the idea that $600B in tax and spending cuts may come to fruition. Many economists warn that the measures could push the nation into another recession. Although mortgage bonds seem to inch a little bit higher, rates have not realized any of those gains. The entire market is waiting in the wings, waiting for a deal…hold tight.