Interest rates have moved up since the Presidential debates began.

Most people realize that a Mitt Romney administration would probably be better for business in this country. In my market, Boise Idaho, its almost assumed that he will be the next president.

The low interest rate environment is a function of many factors including a pessimistic outlook for business under the present administration.

In the mortgage industry, I have seen that a negative outlook on the economy or bad news in general tends to make or keep interest rates low. A strong economy or positive outlook tends to make interest rates increase.

With the recent presidential and vice presidential debates and the strong showing of Mitt Romney and Paul Ryan, their polling numbers have increased. This gives many the reason to think they will win the election and better times are coming. I think that interest rates will continue to increase gradually until the election.

If the President wins reelection, expect the rates to drop suddenly again. Should Romney be victorious, rates will most likely continue to increase.

A better economy will mean more, better quality jobs and that will mean more home purchases will be made.
For those who are sitting on the fence about refinancing their mortgage, this might be your last chance to grab those interest rates in the 3 percent ranges.

Should you be considering refinancing your Idaho mortgage? I would say run to your local, Idaho mortgage professional and apply today. 2 weeks from now you might miss the boat!

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