Seattle Mortgage Rates Today 8/9/12
Seattle Mortgage Rates Today 8/9/12: “If only I had a crystal ball…” Now in our 5th day in the downward trend in mortgage bonds, they are attempting to hold after yesterday’s despicable 10-year note auction. Today’s auction of $16billion in 30-year bonds will be another litmus test for the next reaction to bond prices. If demand for bonds is weak again, prices will inevitably move lower and rate prices will start their move upward.
“Will it get better though?” With a better than anticipated Jobs Report last Friday and positive sentiment out of Europe, it may seem that rates will continue to climb at a slow pace. There are a few factors to consider why bonds still have room to improve. Contrary to the most recent Jobs report, the US economy is still weakening. As Europe continues to deal with the crises in Spain and Italy, there is still much to resolve and will obviously take some time. Finally, the upcoming Presidential race in November also carries with it much uncertainty. Hang on as this ride is not yet over.
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