Two years ago when a grueling compromise was struck to extend tax breaks and cut spending, everyone could see that another deal would need to be made by Jan. 1, 2013. Members of the Senate and the House of Representatives now have merely seven weeks until tax hikes and budget cuts go into effect that threaten to trigger another recession.
What’s Up on Wall Street?
The Dow Jones Industrial Average decreased 10.75 points (-0.08%) while the Nasdaq fell 13.35 points (-0.46%). Also, the S&P 500 dropped 2.86 points (-0.21%).
Current Rates
Here are some of today’s rates:
- 30-Year Fixed: 3.375% (3.618% APR)
- 15-Year Fixed: 2.75% (3.22% APR)
- 7-Year ARM: 2.50% (3.103% APR)
Visit our mortgage rates page to find out how much you can save with today’s rates, or use our mortgage calculator to find more rates and loan options.
Financial Links
Here are a few links to some of today’s financial articles. Be sure to leave a comment below if you know of any additional financial articles that are trending today.
Washington Post
2 Million Could Lose Unemployment Benefits Unless Congress Extends Program
Reuters
Wall Street Pares Early Losses on Home Depot
Bloomberg
U.S. Stocks Fall Amid Concern About Fiscal Cliff, Greece
WE WANT YOUR FEEDBACK
Hopefully we will not see another recession as a result of this. The market eventually balances itself out so it is not time to worry yet!