Seattle Mortgage Rates Today 7/5/12
Seattle Mortgage Rates Today 7/5/12: “And the results from last week’s European Summit are in!” Concerned with the state of the global economy the European Central Bank (ECB) reduced its rate by 0.25% to a record low of .75%. Following in the ECB’s footsteps was—surprisingly—China whose lending rate was cut down to 6%. The Bank of England has decided to “fire up the presses” and implement another round of bond buying to the tune of £50B. As expected, the US dollar is trading higher as those currencies are being devalued. We will continue to see US bonds gain as more ECB stimulus is implemented.
Forecasting tomorrow’s Jobs Report is today’s ADP Report which reports 176,000 new jobs created—much higher than the expected 105,000. However, there may be a hefty correction as we have seen before. Should the Jobs Report ring true, we may see an uptick in stocks negatively affecting bonds and mortgage rates tomorrow.
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