What’s The Current Trend In Mortgage Rates?
Mortgage rates remain relatively unchanged.
What’s Happening In Financial Markets?
The ongoing debt crisis in the European Union kept the European Central Bank (ECB) to hold the benchmark interest rate unchanged. However, all is not well as continued debt afflictions are pressuring the region’s economy to contract for the second year in a row. Ouch.
Regarding the unemployment rate, Charles Evans, President of the Chicago Fed Bank, stated that the Federal Reserve should continue with the bond-buying spree known as Quantitative Easing 3. He believes it should continue until the end of the year in order to assist the labor market and lower the unemployment rate. As long as inflation does not increase, the Fed should continue with QE3.
How Does That Affect My Mortgage Rate?
Without any market-volatile headlines, mortgage rates remain unchanged. Again, if your loan closes within the next couple of weeks then locking is prudent. If you have over 2 weeks, hold tight as an opportunity may arise.
Call Us Today For A Complimentary Consultation!