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National Average   % Change
30 Yr FRM 3.87% 0.00%
15 Yr FRM 3.16% 0.02%
1 Yr ARM 2.78% 0.02%
5/1 Yr ARM 2.83% 0.03%
30 YR 3.14% 0.01%
Fed Prime 3.25% 0.00%

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Markets Lean Towards 50 Bps Fed Rate Cut on Eve of Presidential Election

On the eve of the U.S. presidential election, Fed funds futures are pricing in an 83.4% chance that the Federal Reserve will cut rates by 50 bps at the next FOMC meeting on Dec. 16.

In a note to clients, economists at Capital Economics wrote that regardless of the outcome of the election, the next president will inherit a "poisoned chalice of an economy entering a deep and prolonged recession and a soaring budget deficit that will rapidly reach levels not seen in a generation."

Dr. Jörg Krämer, chief economist at Commerzbank, writes that the weak performance of recent economic indicators points to a recession.

"The Fed cut interest rates twice in October by a total of 100 basis points, taking the key rate to only 1.0%. It is likely to leave the rate at this low level for quite some time due to the recession. The Fed might even cut rates one more time."

All Data taken at 3:00 pm EST.

By Steve Stecyk and edited by Sarah Sussman
©CEP News Ltd. 2008


 

More From MND

Mortgage Rates:
  • 30 Yr FRM 3.89%
  • |
  • 15 Yr FRM 3.26%
  • |
  • Jumbo 30 Year Fixed 4.11%
MBS Prices:
  • 30YR FNMA 4.5 106-21 (0-01)
  • |
  • 30YR FNMA 5.0 108-01 (0-01)
  • |
  • 30YR FNMA 5.5 108-29 (0-01)
Recent Housing Data:
  • Mortgage Apps 23.07%
  • |
  • Refinance Index 26.40%
  • |
  • Purchase Index 10.33%

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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.89%
  • |
  • 15 Yr FRM 3.26%
  • |
  • Jumbo 30 Year Fixed 4.11%
MBS Prices:
  • 30YR FNMA 4.5 106-21 (0-01)
  • |
  • 30YR FNMA 5.0 108-01 (0-01)
  • |
  • 30YR FNMA 5.5 108-29 (0-01)
Recent Housing Data:
  • Mortgage Apps 23.07%
  • |
  • Refinance Index 26.40%
  • |
  • Purchase Index 10.33%
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