Mortgage Rate Update

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.

Courtesy of:

Bob Bregitzer
Southeast Mortgage

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About the Author ()

Aaron Hofmann is the founder of and also a Realtor with Atlanta Communities focused on the Smyrna real estate market and the Vinings real estate market. Aaron is a transplant from the Midwest (amazingly not a native Atlantan) and has lived in the Smyrna Vinings area for over 10 years. Find Aaron Hofmann on Google+

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