Mortgage Rates Pressured Higher After Fiscal Cliff Deal

Hot news from AZ Home Help:

Posted To: Mortgage Rate Watch

Mortgage rates moved to their highest levels since December 19th this morning after Congress passed a last-minute bill softening the blow of the Fiscal Cliff. The legislation has been and may continue to be characterized as some sort of "deal" that averts the impending Cliff. While that's true in the short term, the most obvious "yeah but" is the fact that spending cuts were merely delayed. Markets reacted as-expected to the presence of a "deal" (in the sense that "something" was better than "nothing'), in that stock prices and bond yields moved higher. This brought mortgage rates along for the ride this morning, but most of the momentum from the market's reaction to the Cliff deal was exhausted in the first few hours of trading. Stocks corrected and MBS (the "mortgage-backed-securities" most...(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Source: http://www.mortgagenewsdaily.com/consumer_rates/289679.aspx

- For more real estate news visit our website at http://www.AzHomeHelp.com