Seattle Real Estate Mortgage Rates Today 1/18/2011
Bellevue / Seattle Real Estate Mortgage Rate Watch: Rates move higher this morning on NEWS that China was a NET seller of Treasuries in November. They sold more than they purchased. Treasuries and Bonds are very sensitive to a major purchaser like China making moves in the market. WHY? China currently holds $896 Billion of the U.S. debt, the LARGEST holder of U.S. debt. Consider this like the CEO of a company selling, what would the market think? You got it, not good!
On top of this Chinese President Hu Jintao is meeting with President Obama today in Washington. Was this coincidence that China made a major move before this planned meeting. HMMMMM…. probably not. President Jintao said that the U.S. Dollar dominating the global market is a “product of the past” and suggested that the future global currency will be the Chinese Yuan. HMMMM….. it will take a lot for the global market to switch BUT there is a lot of dissension on the U.S. for the amount of spending and debt we are in.
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