Even with Debt Crisis Dominating the Headlines Interest Rates are Down
Every channel one could watch last week spouted the same devastating news “America just days away from default”. Oh my said chicken little the sky is falling and even though there was no possible chance of default the Republicans and Democrats did little more than pose for future votes, kick the spending can down the road a bit and all is once again right with the world. I must admit with all the “devastating” news it was somewhat surprising to see that for the week interest rates were down once again.
This week the average overnight rate for a fixed 30 year mortgage as reported by Bankrate.com fell to 4.51% down 2 basis points from the 4.53% we stood at a week ago. The benchmark 15 year fixed rate also decreased by 2 basis points last week to 3.64% from 3.66% while the benchmark 5/1 adjustable rate mortgage dropped 4 basis points to 2.98% from 3.02% just seven days ago. Volatility is in the air again this week and it will be very interesting to see how the markets react now that Washington has resolved the “crisis”.
It is time for America, and both our Republican and Democratic representatives to make a drastic change in our spending patterns and it appeared the chickens had finally come home to roost. Or at least that is what we thought. Instead our elected officials argued like school children, did nothing and decided the easiest thing to do was to ignore the problem, agree to more wild spending and move any consequences a little further out into the future. It really is unbelievable.
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Tom Priester e-PRO
“Results Driven Real Estate”
Keller Williams Realty