Seattle Mortgage Rates Today 12/5/12
Seattle Mortgage Rates Today 12/5/12: Mortgage bonds remain relatively unchanged due to the epic fiscal cliff debate. Again, with no end in sight, Congressional Republicans offered a counter proposal which the White House will most likely not accept. Both proposals offer $4 Trillion in reductions over the next 10 years; however, the means by which each party is pushing are on opposing sides. President Obama continues to push for tax hikes on the wealthiest 2 percent of Americans. Many Republicans oppose this revenue but some are actually in support as long as low tax rates were extended for the other 98%. As the fiscal cliff draws nearer, government departments are planning for budget cuts which will take place in January.
In advance of Friday’s Jobs Report, ADP reported that new jobs came in 7,000 below the expected 125,000. In October, new jobs equaled 157,000; economists believe that Superstorm Sandy was partly to blame for the lower numbers in November.