Seattle and Bellevue Real Estate Mortgage Rate Watch 10/14/10
Today’s update, mortgage bonds open flat this morning with Seattle mortgage rates maintaining current levels. At 11am PST, $13B in 30yr bonds will be auctioned off. So far auction results have been mixed. Depending on the auction results we may potentially switch to a lock status for interest rates. For now we will remain in a FLOAT position. We will post updates on twitter.
As we continue to post QE2 may help drive mortgage rates lower in the near future, but continue to watch until the official announcement on November 3, 2010.
One important economic factor is the US weakening dollar. As planned the US dollar is weakening with the anticipation of increasing the US exports. Increasing US exports will improve the US economy towards recovery. BUT here is the overall kicker, with a weakening US dollar, that has the potential to increase mortgage rates.
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