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Mortgage Rates and The Debt Ceiling
 
Mortgage markets worsened last week as the Greek  debt situation came closer to being resolved, and  the US housing market showed signs of life.
After  weeks of debate, European leaders agreed on a financial package for Greece that featured favorable loan terms designed to slow Eurozone contagion, along with a built-in, 37 billion euro “haircut” for private-sector investors.
The accord pleased Wall Street.The market rallied after the announcement and Mortgage bonds sank.
Bonds also sank after a strong home builder confidence report Monday. 
Last week, conforming and FHA fixed mortgage rates increased  and for the first time in 3 weeks. Adjustable-rate mortgages slipped slightly.
The interest rate spread between the Freddie Mac 30-year fixed rate and 5-year ARM is back near its all-time high.
This week, mortgage rates will be guided by Congress’s on-going U.S. debt ceiling debate. The United States government is expected reach its legal $14.294 trillion debt limit August 2, 2011. Congress must either vote to raise the debt ceiling, or take steps to reduce debt prior to August 2.
The debt ceiling was last raised February 12, 2010.
It’s unclear in which direction Congress will vote. Therefore, mortgage rates may be erratic until a deal is reached. If the debt ... more

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