At the time I am writing this mortgage interest rates are almost unchanged from last Friday.
During the early part of the week rates were slowly drifting lower, but yesterday they went back up. The reason for the spike yesterday was a better than expected unemployment claims report. As mentioned above even though we had a spike yesterday rates are back to where they were last week.
I don’t see rates going up much further in short term until our leaders in Washington have resolved the debt ceiling problem. On the flip side I don’t see rates going any lower with the recent good economic reports coming. Expect mortgage rates to stay in a narrow range for next few weeks.
News out of Europe has not had any large impact on our markets as investors have been focused on our domestic problems with the Fiscal Cliff and debt ceiling.
