Seattle Mortgage Rates Today 6/15/12
Seattle Mortgage Rates Today 6/15/12: “What’s the name of Greece’s new government? Uncertainty!” Uncertainty abounds in Greece as this weekend will be a big indicator as to which way Greece will be moving with their crises. On Sunday, June 17th, the citizens of Greece will cast their vote for a new government. Who will it be? As we have mentioned before there are 2 parties vying for the position. In one corner of the ring you have the pro-bailout constituency, the New Democracy. In the other corner you have Syriza, the anti-bailout party. Mr. Alexis Tsipras, the leader of Syriza, has a strong following in support of a European Central Bank (ECB) gamble for aid. Should Mr. Tsipras be successful in his bid, there is concern that he will push for Greece to ignore the previous terms of the bailout and wait for the ECB to show up at the door and hand over the much needed aid. In preparation for the uncertainty in the upcoming election, the citizens of Greece have begun withdrawing funds from banking institutions in fear of exiting the Euro. At this point in the game, no matter which party becomes the new ruling government, Greece still has a ton of debt to be repaid.
The uncertainty in Greece’s election and the continued crises affecting the EU are positively affecting mortgage bonds today. Rates are historically low; with news coming next week from the Fed, we will continue to recommend locking in the short-term. For those who can wait, hold tight for any news from the Fed concerning another stimulus in the form of QE3.
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