Seattle Mortgage Rates Today 7/11/12
Seattle Mortgage Rates Today 7/11/12: “If only I had a crystal ball…” Spain has been pressured to accept new austerity measures from EU Finance Ministers that are intended to reduce their deficit by €65BN by the end of 2014. It sounds like an impossible feat, but they have no other choice. With 24.4% unemployment, the opportunity for Spain to achieve economic growth in order to repay its debt is exacerbated by numerous spending cuts and higher taxes; the Value Added Tax (VAT) will see a 3% hike to 21% beginning August 1st. During his campaign, Prime Minister Mariano Rajoy assured the citizens of Spain that he would not raise the sales tax. There seems to be no light at the end of the tunnel as Spain is on their way to a sovereign bailout in the likes of Greece and Portugal.
“Welcome back, Recession!” With labor and manufacturing reporting falling numbers another round of recession is imminent. Moreover, numbers reported by companies are coming in under expectations and sentiment of uncertainty is blanketing the outlook here and abroad. Some analysts believe we are already in another recession which may be validated as the bonds are positively affected—we see this with the historically low rates today.
Again, we recommend locking your rate if you must in the short-term; rates are at their best pricing right now. However, with the continued global uncertainty caused by the EU, more specifically Spain, there is still a bit of safety in floating if you have the time.
As the season of home buying is upon us, are you prepared to make on offer on that house you just viewed? Is your offer strong enough to entice sellers? WE ARE THE PURCHASE EXPERTS! By working with The Mortgage Reel Team—unlike the big banks—be assured of an on-time 30-day closing! Contact us today and receive a same-day pre-approval.