Yesterday saw mortgage rates improve a little in the absence of any real significant data. Today we will have earnings reports but not much else in the way of economic data until tomorrow’s weekly jobless claims. I think the markets are still digesting what happened last week, and generally speaking, I think that mortgage rates will continue to stay in their current range through the end of the week barring something really unexpected.
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There simply isn’t a whole lot else to discuss today. The coming battle over the debt ceiling is creating considerable uncertainty (as I continue to see the trillion dollar coin idea bandied about, as though that is something that would realistically happen). Until that uncertainty is resolved, I think we are sort of in limbo. I do believe that we will see rates move sideways throughout the new year with a slight upward trend, but I think the increases will more likely be gradual than not. The economy still faces a lot of headwinds and uncertainty, which I think will restrain upward pressure on interest rates.
Despite this contention, I think it would be wise to act sooner rather than later if you’re ready for a new mortgage. The simple fact of the matter is that there is far more room for rates to move up than there is for them to decrease further. We’ve seen that small shocks (like last week’s Fed minutes) can cause rates to spike rather quickly. Whether the minutes were the cause of the spike or whether it was simply seen as an opportunity to sell is somewhat beside the point. The point is that these things can happen, and predicting such an event is really, really hard. Anything can happen, but were I looking for a mortgage I would probably move fairly quickly.
NYT: A Bold Dissenter at the Fed, Hoping His Doubts Are Wrong.
Guardian: A Real Banking Inquiry Would Expose a Sector Beyond Control.
Bloomberg: A Mortgage Bond Boom Isn’t a Housing Recovery.
Mental Floss: The Time Groucho Marx Did the Charleston on Hitler’s Grave. It would be neat if this were captured on film.
Telegraph: Comrade Barroso, the Existensial Threat to the Euro is Mass Unemployment. Youth unemployment in Spain and Greece now over 56 and 57 percent respectively!
Slate: A Point-By-Point Breakdown of One of the Greatest Prison Escapes of Modern Times.
NYT: Another Slap on the Wrist. On the latest foreclosure settlement.
Slate: The Million-Dollar Dinosaur Scandal. I suppose I didn’t know there was a robust market for fossils.
Scientific American: A Science Teacher Draws the Line at Creation.
Dealbook: In Deal, Bank of America Extends Retreat From Mortgages.
Tim Duy’s Fed Watch: Employment Report Nothing If Not Consistent.
Mashable: Monopoly Letting Players Vote on Which Game Piece Gets the Boot. Of course it has to be the thimble, right? The battleship remains the best piece.
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