For all the criticism leveled at Congress over its inability to come to any kind of lasting fiscal agreement, there may in fact be a positive side to the story that goes under-reported.  Don’t get me wrong I am not a cheerleader for low mortgage rates above all else.  In fact, I would gladly cheer higher rates in exchange for a stronger economy that is producing jobs and increasing incomes. Yet, the benefit of low mortgage rates, as a tool for consumers to repair damaged financial positions is powerful and is a result of the political dysfunction in Washington above all else.

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Last week was filled with intrigue and a substantial amount of economic data.  This week is filled with speculation and an almost complete lack of economic data.  Both environments are good breeding grounds for volatility in the markets and for interest rates. Nevertheless, it is always important to remember that traders want to see activity and trends no matter how well supported by facts since they make money on the trades of investment products rather than the direction of the products price movements.

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Well the most written about topic of the last six months in this space has been the fiscal cliff and its impact on mortgage rates.  Now that the imminent drop has been averted, what does it mean for the direction of mortgage rates?  The truth is that of all the scenarios I have speculated about the deal actually passed was not one of them.

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Anybody feel like going over a cliff?  Barring a last minute flurry of common-sense and public-mindedness, we are headed for a fall.  If the President and congressional leaders cannot agree on a deal before next Tuesday, our nation will face the prospect of an unnecessary, man-made economic disaster.  The next few days will tell us if our current crop of leaders are statesmen and women or simply the political hacks we suspect them to be.  Mortgage rates and housing will not be immune to their action.

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Mortgage rates are caught in a balancing act between all-time lows and meaningfully higher levels this holiday season.  Economic data released over the past few weeks suggest that rates should be heading higher, yet the uncertainty that surrounds the fiscal negotiations in Washington and its impact on the US economy have kept rates near historic lows. One way or the other the next week to 10 days is likely to see rates move toward the naughty list or stay on the nice list.

To speak with one of our licensed mortgage professionals to find out how much you could be saving, click here or contact us today at 866-896-5826. Continue reading →

Mortgage rates are improving again today after a dramatic failure by Speaker of the House John Boehner related to the fiscal cliff negotiations he is having with president Obama.  Just a few days ago we were looking at higher rates and the prospects of even higher rates as a deal to avert the fiscal cliff seemed likely.  However, with the “big fail” of Speaker Boehner’s “Plan B” proposal a deal seems unlikely anytime soon.