Tax cuts don’t go far enough, Mortgage rates edged lower this week, Black Friday
November 09, 2017
The Senate is supposed to introduce its tax bill later this morning. There is growing sentiment that that tax cuts don’t go far enough, parts will be phased in and there is major concern that middle-to-high income earners in high-tax states like CA, NJ and NY will see little to no tax benefit. This is causing uncertainty and anxiety in the U.S. Stock markets.
After holding steady last week, mortgage rates edged lower this week and remain just above historic lows. Freddie Mac reports that mortgage rates fell four basis points to 3.90% with an average point of 0.5. Last year at this time the rate was 3.57% while the rate was 4.20% in the first week in January 2017. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Borrowers may still pay closing costs which are not included in the survey.
With Black Friday still two weeks away, some retailers have already begun to discount hundreds of items. Walmart, Best Buy and Amazon are a few that are rolling out some super sales. Retailers are trying to lure shoppers into their stores earlier than Black Friday to capture shopper loyalty and to win their money. An industry watcher says as soon as the calendar turned to November 1, promotions and discounts began.
