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Mortgage rates hold steady, but could fall off 'cliff'
By Palm Beach Business.com
DELRAY BEACH — Mortgage rates pretty much stayed in place over the past week but that’s likely to change as financial markets begin to focus on the potential crisis called the fiscal cliff.
Freddie Mac ’s Primary Mortgage Market Survey found the 30-year fixed-rate mortgage averaging 3.40 point, with 0.7 point, up from last week’s 3.39 percent. Bankrate put the 30-year at 3.57 percent with 0.40 point, same as a week ago.
The 15-year fixed-rate ticked down to 2.69 percent with 0.7 point from 2.70 percent a week ago, according to Freddie Mac. Bankrate had it at 2.85 percent with 0.32 point, down from 2.89 percent last week.
Bankrate noted that with the presidential election out of the way, the next big thing the financial markets will be watching is the approaching deadline to resolve the budget crisis and the expiration of the Bush era tax cuts. Jitters over the possibility that Congress won’t be able to resolve the crisis could move Treasury yields lower as investors seek a safe harbor for their money. Falling Treasury yields typically means lower mortgage rates.
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