Seattle Mortgage Rates Today 9/28/12: “Where’s the money?” In order to appease the European Union and receive an approval for the 2013 austerity measures, Spain’s Prime Minister Mariano Rajoy, dipped into the €52 Billion ($67B) pension fund to the tune of €3 Billion ($3.87B). With regional elections on October 21st, Rajoy’s choice in “stealing” form the pension fund rather than cut spending may be ideal for the moment but the consequences are uncertain.
Although, mortgage bonds suffered slightly yesterday, they opened higher this morning. What we experienced yesterday was the result of too much supply in the market; the daily easing by the Fed was not enough to purchase what was available. That was evidenced by the decline in bonds yesterday.
However you view it, rates are ripe. Again, the expectation that rates can actually move lower is not high. A locking stance is still the recommendation.
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