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Sequester and Jobs… declining economic outlook helps mortgage rates.

Written by Clay S. on . Posted in Rate Updates

Sequester is beginning to impact the economic outlook as cuts in spending are taking a toll on job creation and growth. Congress and the Administration still cannot agree and did not have the common sense to reach an agreement to avoid automatic cuts that were set in motion back in 2011 with the budget negotiations. Pushed down the road these cuts now have to be made. Simply a damper on the long term outlook. ObamaCare health care bill is now underway and full implementation in 2014. Employers are now realizing the substantial costs and are less willing to add new hire.  Employers are using temps and asking more of existing employees and this puts a cloud over the future economic outlook. The Fed’s QE is fizzling with no significant job growth stimulating the economy.  Looking forward is not rosy with the realities of the sequester and ObamaCare.  The good news is mortgage rates look like they will benefit and stay low for some time.  If we can just see some more inventory in homes …

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