Market Update – Quicken Loans Zing BlogTreasuries rose for the first time in three days yesterday amid speculation the start of the $85 billion in automatic federal spending reductions starting tomorrow will choke off the recovery. The cuts scheduled for March may lower gross domestic product by .6% and cost 750,000 jobs in 2013.

All eyes will be on the American political parties who remain far apart on alternatives to the spending cuts totaling $1.2 trillion over 9 years. Analysts predict a government report will show the economy expanded in the fourth quarter of 2012.

Finally, Ben Bernanke claimed yesterday the central bank’s easing policies are helping improve demand for homes and cars by lowering long-term interest rates.

What’s Up on Wall Street?

The Dow Jones Industrial Average gained 14.66 points (+0.10%) while the Nasdaq also went up 9.40 points (+.30%). The S&P 500 increased 3.28 points (+.22%). 

Current Mortgage Rates

Here are some of today’s mortgage rates:

30-Year Fixed Mortgage: 3.50% (3.702% APR)

15-Year Fixed Mortgage: 2.75% (3.126% APR)

7-Year ARM: 2.50% (2.965% 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.

New York Times

Parties Focus on the Positive as Budget Cuts Near


Economy Barely Expands in Fourth Quarter

Mortgage News Daily

REO, Short Sales were 43 Percent of 2012 Market


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