U.S. Budget Stalemate, Italian Elections Stir Concerns Mortgage rates were lower last week as investors sought safety in bonds in the wake of US legislators' failure to agree on budget cutbacks, and after Italy’s elections failed to reveal a leader committed to continuing economic reform. When bond prices including Mortgage Backed Securities rise, mortgage rates typically fall. While the March 1st deadline for passing budget cutbacks for the U.S. government passed without a resolution, emergency legislation passed last year will keep the government running until March 27. If a budget is … [Read more...]