Mortgage Rates Rise To Multi-Month Highs On Fiscal Cliff Optimism

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Posted To: Mortgage Rate Watch

Mortgage rates moved higher at the quickest pace in weeks on Tuesday as politicians convey an increasing sense of compromise regarding Fiscal Cliff negotiations. The broader move higher in rates had been somewhat gentler until today, beginning with the jobs report on December 7th. From there, the changes in Fed policy convey last Wednesday kept the pressure on, but it wasn't until yesterday and today that a shift in tone on the Fiscal Cliff pushed the 30yr Fixed "Best-Execution" level firmly into 3.375% territory, with some more conservatively priced lenders at 3.5%. ( Read More:What is A Best-Execution Mortgage Rate? ) Yesterday, we noted a "general, pervasive weakness" due to weekend's Fiscal Cliff evolutions. While today's weakness can also be largely attributed to The Cliff, it was specifically...(read more)

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Source: www.mortgagenewsdaily.com

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