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Panama City Real Estate | Office Location Panama City Realty Group
Keller Williams Success Realty
309 Richard Jackson Blvd., Suite 200
Panama City Beach, Florida 32407
Phone: (850) 774-6582

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Panama City Beach Real Estate | Latest Mortgage Market Update January 4, 2013

Posted by Jennifer Mackay on Saturday, January 5th, 2013 at 7:11am.

panama city beach realtor

Market Update Week Ending January 4, 2013

Thanks to Kathy Hallmon at Regions for this mortgage market update:



Market Update Week Ending January 4, 2013 The year began on a rough note for mortgage rates. A one-two combination of a fiscal cliff deal and unfavorable news from the Fed caused mortgage rates to end the week sharply higher. The economic data released this week generally came in close to expectations.
Wednesday, mortgage rates reacted to the news that politicians reached a fiscal cliff deal which will avoid most of the spending cuts and tax increases which were set to take place at the start of 2013. While much of the debate was simply postponed, the deal reduces the risk of slower economic growth which would have resulted from the expiring programs. This was good news for stocks and bad news for bonds.
The second big surprise this week came from Thursday's release of the FOMC Minutes from the December 12 Fed meeting. Investors have believed that Fed officials intend to continue purchasing mortgage-backed securities (MBS) and Treasuries for quite a while. The Minutes revealed that there was far less support for Fed asset purchases than previously thought, however. With the Fed currently buying the majority of all newly issued MBS, the hint that Fed purchases could end sooner than expected caused MBS prices to decline. Since mortgage rates are largely determined by MBS prices, mortgage rates increased.

Please share your thoughts and opinions on our Panama City Beach real estate blog as comments are always welcome, whether you are a consumer, journalist or another real estate professional.

If you would like additonal information on any of our topics, please contact me directly and I will be glad to assist you.

Jennifer Mackay
Contact me directly
Direct: 850-774-6582
Fax: 850-522-3967
The Panama City Real Estate Team

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