Seattle Mortgage Rates Today 8/7/12
Seattle Mortgage Rates Today 8/7/12: “What goes up must come down…” Mortgage bonds have been finding their way down since last Friday’s Jobs Report. With no bond market-altering news here or abroad, stocks have been in an upward trend and continue to do so at the expense of bonds. Bonds are also affected by this week’s Treasury auctions with one begin released today.
“More support for European bond buying?” Angela Merkel, Germany’s Chancellor, seems to have changed her attitude in support of the European Central Bank’s buying of Spain and Italy’s bonds in an effort to control unsustainable yields. Continued rhetoric of this sort will push stock futures higher in the short-term.
“More support for Quantitative Easing 3 (QE3)?” Eric Rosengren, Boston’s Federal Reserve Bank President, re-stated his support of QE3. He continued that the U.S. Central Bank needs to expand monetary policy and that inflation was not in question. Rosengren believes he did not see any inflationary pressures from the earlier implemented QE1 and QE2. Although his words ring true with some, his words obviously had no impact whatsoever as bonds continue on their downward spiral.
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