Last week saw mortgage rates improve modestly after slightly better than expected economic / employment data was released and Hurricane Sandy completed her assault on the Eastern Seaboard. The week ended in anticipation of this Tuesday’s election and today will the same as market watchers hold their breath in anticipation for tomorrow’s election.
Mortgage Rates After the Election
The market is waiting in anticipation for the elections being held tomorrow, but how the market reacts may unfold in two ways. There will likely be an immediate reaction, once a clear Presidential winner is known and there will be a longer term reaction.
Once the initial reaction occurs, in the coming days and weeks a secondary reaction will occur as the market digests and reacts to as the broader ramifications the Presidential winner and their fiscal policy will bring to bear on the markets and economy. These broader ramifications are not only dependent on the party of the winner, but the verbiage and tone they take as they accept their new or ongoing role as President.
Many market watchers believe that rates will increase once the election has concluded. While nobody knows for sure, it is absolutely possible that the current downward trend could reverse, so if you have questions about whether or not you should lock, please contact us immediately to discuss your options.
Economic Calendar for Week of November 5, 2012
- Monday – ISM Non-Mfg Index
- Tuesday – US Elections
- Wednesday – EIA Petroleum Status Report
- Thursday – International Trade, Jobless Claims
- Friday – Consumer Sentiment
Where Are Mortgage Rates Before the Election?
Since mortgage rates can change many times per day, especially in potentially volatile markets before an election, any rates we put here may be out of date by the time you read them. For an up to the minute rate quote, simply use the Fast Quote form at the top of the page or call us directly. We can answer any mortgage questions you have without obligation.