Reports out this week have interest rates on government-backed mortgages still hovering near their all time lows. But with the Democrats and Republicans in Washington unable to agree on anything there is a lot of skittishness on Wall Street and in the mortgage investment markets about the pending “fiscal cliff” that remains unresolved. If Washington fails to come to an agreement that amends or at least delays the fiscal cliff it could be bad news for the fledgling economic recovery in the US. Rates won’t stay this low forever and one takeaway from this uncertainty in Washington is this: The sooner American borrowers get started on the refinance process, the lower their risk will be of missing this all time trough in mortgage interest rates.
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