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Dec
11

Weekly Mortgage Rate Forecast

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This time of year rates typically don’t change much for most home purchase and mortgage refinance programs in the U.S. With that being said, it is an election year and the “fiscal cliff” does not help an already weak economy on the brink of another double-dip recession.

As we reported last week, the pricing worsened slightly for most home loan programs as the unemployment fell nationally. The weekly mortgage rates forecast looks to remain about the same. According to the Mortgage Marketing Guide, “the Bond markets have been pressed down today with positive economic news from Germany and as the Treasury is selling a significant amount of government notes and bonds this week.”

Look for pricing opportunities possibly on Wednesday as the Federal Reserve members meet for the last Federal Open Market Committee meeting of the year. The Fed will release their monetary policy statement at 12:30 pm ET on Wednesday, so this could move interest rates.

In other financial news, Freddie Mac (FMCC) announced yesterday that  home purchase and refinance rates should remain near record lows through the first half of 2013. The Freddie Mac spokesman also mentioned that home loan rates could increase in the second half of 2013, but should remain below the four percent threshold.

We suggest, checking back with us later in this week for pricing changes and current mortgage rates that could prove to be more favorable for millions of American consumers looking to save money with record low interest rates.

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