In the week since the United States re-elected President Obama for a second term, mortgage rates improved and have since remained fairly consistent since.
If you remember, Creekside Mortgage, Inc. had predicted that no matter who won the election that rates would stay about the same as before the election and that there wouldn’t be any drastic changes.
Another thing that we had mentioned in our post was that when there is fear in the market or people are feeling uneasy, that means bad things for the economy and the stock market, but good things for mortgage rates.
After Obama was re-elected, the stock market experienced 300 point loss, which was one of the driving factors in making mortgage rates fall. With talk of a fiscal cliff looming over the country, people are feeling uneasy.
Since nothing is likely to be decided regarding the fiscal cliff until the last moment – the beginning of the year – chances are, rates are going to stay low while the country focuses its attention on what the government will do to prevent the fiscal cliff.
If you would like to take advantage of low interest rates and purchase or refinance, call Creekside Mortgage, Inc. at 800.920.5420 or 360.571.(LOAN) 5626.
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