Seattle Mortgage Rates Today 7/16/12
Seattle Mortgage Rates Today 7/16/12: “Is the economy slowing even further?” Although analysts expected a slight increase, retail sales for June reported another drop. Since April, retail sales have fallen; this is the longest string of falling sales since the beginning of the recession in 2008. Sales have declined to .5% reflected throughout a plethora of industries.
“Mr. Bernanke, what say you?” In anticipation of tomorrow’s Fed Chair testimony to the House and Senate, mortgage bonds are on the upswing today. Old Benny’s rhetoric regarding the limitations of the monetary policy in tackling the current US woes of unemployment and lack of growth has fallen on deaf ears. The wounds of the economy can only be cauterized by reform—both structural and fiscal. However, Congress is divided and has no idea and cannot agree on any changes or policies to make that happen.
The uncertainty in Europe continues to induce negative global sentiment. The US is on the verge of another recession (we may already be in one); let’s wait and see what the Fed Chair has to say in the next 2 days. Stay tuned.
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