Seattle Mortgage Rates Today 8/13/12
Seattle Mortgage Rates Today 8/13/12: “Next on the auction block, Spanish and Italian bonds!” As the debt crisis continues to worsen, some are hopeful that the European Central Bank (ECB) will feel compelled to purchase Spain and Italy’s debt in order to mitigate the ongoing crisis. The hope Europeans are experiencing may be false. A statement made by one ECB governing Council member, Luc Coene, believes that it doesn’t make any sense for the ECB to buy bonds as it would result in the ECB accepting the 2 countries’ public debt on the ECB balance sheet. With that said, the optimistic rhetoric may soon become negative sentiment as the drama unfolds while the recession deepens. It will only prove to be more difficult for the countries to meet annual budget deficits imposed upon them.
More evidence that the global economy is slowing now comes from weak economic data from Japan. Japan experienced half the anticipated growth rate as it reported the country’s GDP grew just 0.3% in the 2nd quarter. This rides on the current uncertainty of the global economy and emphasizes the effect of the European debt crisis around the world.
Although rate prices have been slowly regaining losses over a week ago, that can turn anytime. Lock if you can; otherwise, float carefully as a few reports due this week may offer some market-altering news.
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.