The Week in Review:
Home mortgage interest rates decreased about .125% last week as no progress was made on the Fiscal Cliff issues and debt crisis continued in Europe.
What to Expect:
The Fiscal Cliff is the driver in the market right now. It is hard to imagine a significant change in the rate environment until the political parties agree on a resolution or decide not to agree. The indecision of the parties is helping keep mortgage rates low.
It is a big week for economic reports as well. The main report is Friday’s Jobs Report. Pre-election Jobs Reports were showing an improved employment picture. Will the first post-election report show the same? Continued improvement could cause interest rates to move higher.
After a week of gradual rate improvement, I recommend locking in loans.
For transactions closing in:
Next 15 Days: Lock
Next 30 Days: Lock
Next 30 + Days: The longer a resolution to the Fiscal Cliff takes, the better chance of rates decreasing.
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Tags: Mortgage Rates