Seattle Mortgage Rates Today 5/3/12
Seattle Mortgage Rates Today 5/3/12: As the markets ready themselves for the all-important Job Report tomorrow, mortgage bonds remain unchanged.
Speaking of unchanged, European Central Bank’s President, Mario Draghi, cited that bank rates will remain at 1%. He also stated that there is “tentative stabilization” in the economy although the unemployment rates continue to climb in the EU. Recently mandated austerity measures implemented in the Netherlands and Spain has driven them into a recession. Also problematic is Italy and Spain’s banking sector. Much of the money these countries borrowed through the Long Term Refinance Operation (LTRO) was used to buy bonds—form their respective countries. With little money left from the LTRO, bond buying will inevitably drop. Should that happen, higher yields may be realized in the EU. Perhaps that will find investors clamoring for US denominated assets such as bonds.
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