Mortgage Rates Fall As Hopes For Fiscal Cliff Progress Fade

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Posted To: Mortgage Rate Watch

Mortgage rates fell moderately to end the week after the House of Representatives failed to pass a tax and spending bill aimed at averting Fiscal Cliff tax increases on Thursday night. This ended any hopes that a deal would be reached before Christmas and casts serious doubt as to whether or not the two parties can come together in a meaningful way before the New Year. Stocks fell sharply on the news and bond yields backed down from their highest levels since late October. Mortgage rates had already moderated after hitting recent highs on Tuesday, but today's gains in the bond market translate fairly well to the mortgage-backed securities (MBS) that most directly influence mortgage rates. This allowed most lenders to put out their best rate sheets of the week. Best-Execution for 30yr Fixed...(read more)

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Source: www.mortgagenewsdaily.com

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