Mortgage Rates Higher As Washington Scrambles For Fiscal Cliff Deal

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Posted To: Mortgage Rate Watch

Mortgage rates moved moderately higher to end the year, reversing last week's trend of small improvements. In Washington, Fiscal Cliff negotiations have seemingly come to a head with a deal still possible before midnight tonight. That possibility has bond markets more cautious today, and although mortgage-backed-securities have been less damaged than Treasuries in the process, it's been enough to raise borrowing costs on the prevailing Best-Execution rate of 3.375% for conventional 30yr fixed loans. Markets and Mortgage Lenders will be closed for New Years Day tomorrow. ( Read More:What is A Best-Execution Mortgage Rate? ) Whether or not we get some sort of Fiscal Cliff deal by tonight, the fact remains that any attempts to reduce spending and/or increase taxes amounts to "austerity." Opinions...(read more)

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Source: www.mortgagenewsdaily.com

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