Seattle Real Estate Mortgage Rates Today 11/10/11
Seattle Real Estate Mortgage Rates Today 11/10/11: How attractive are mortgage rates today? Almost as good as they looked yesterday after the huge selloff to the stock market because of the struggles in Italy. Today fortunately good for the US economy is the jobless claims report. The number reported (390,000) was actually below expectations of 400,000. This minimal improvement helped the stock market open on a positive note that unfortunately did not help mortgage bonds.
Overall the US market continues to struggle and slowly recovery. BUT each time we receive positive news the stock market is going to take advantage and rally while bonds weaken (rate trend up).
The positive news for Greece is the former ECB VP Lucas Papademos has stepped in to create a plan to use the financial aid. Time will tell how quickly the bleeding will stop. In the meantime hopefully investors will continue to feel confidence in the US markets.
Today the ECB stepped in to purchase Italian debt that helped the Italian market. Italy’s actions are moving faster than Greece but again many pieces to the puzzle must be put in place.
Today is the auction for $16B in 30yr bond. The auction received a “C-.” Between yesterday’s “D” and today’s “C-“we all know those are not the best grades. These auction results have not helped mortgage rates in the last two days.
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