December 14, 2017

Seattle Real Estate Mortgage Rates Today 5/12/11

Seattle Real Estate Mortgage Rates Today 5/12/11: 30 Year Bond Auctions receive a “D” grade. NOT GOOD. The bond market and mortgage rates have been on a strong rally for the past two weeks. Many on Wall Street have mentioned that the bond market has been overbought. Today mixed news has the bond market trading on unstable ground. The Producer Price Index came in higher than expected rising an eyebrow to inflation concerns. Not enough to trigger any real market reaction because the price to the consumer still has not been increased due to unchanged hourly earnings and the sluggish job market. Speaking of Job Market, initial jobless claims came in higher than expected at 434,000 over the 423,000. The jobs market revolves around a psychological barrier of 400,000 or less. Once the Initial Jobless claims can reduce below 400,000 and sustain those numbers, then and only then for now can the U.S. say that we are making meaningful gains to the job market.

The most interesting note for the day is the meeting in Washington D.C. between congress and the CEO’s of the BIG five OIL companies as they take the hot seat in the discussion of tax cuts.  Exxon Mobile Chairman said that oil should be in the range of $60 – $70.  WHAT? How can that be when today oil is above $90?  Interestingly enough commodoties like silver and gold reduced in price.  Now let’s look into the future and match up what economists are saying about the second half of 2011.  Housing will recover in the fourth quarter?  This could match up to what is occurring today.  A stronger dollar and predictions of Oil coming down will help to boost consumer confidence as prices for gas and goods reduce.  This will also help small business owners as sales slowly increase and their ability to create new jobs.  Jobs being so critical to the economic recovery.  RECOVERY….. if the economy begins a real recovery mortgage interest rates will gradual rise with the improving economy.

Savvy buyers will return to the housing market to stay ahead of rising mortgage rates and to purchase in the so-called bottom.  Keep in mind that even media cannot stake when the bottom has occurred until they can reflect back and in most cases we are already 20% past the bottom.  MEDIA.

Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?

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