September 22, 2017

Seattle Real Estate Mortgage Rates Today 9/1/2011

Seattle Real Estate Mortgage Rates Today 9/1/2011:  Crazy as it has been for the bond market today, mortgage bonds remain unchanged.  After hearing of weak economic data from abroad along with a tragic Spanish bond auction, investors bestowed a safe haven boost into the bond market.  This morning however, found bonds had lost all their gains as the Institute of Supply Management (ISM) Report was better than expected.

How tragic was the Spanish bond Auction?  Spain was not able to unload the $4B in 5-Year Notes they were offering.  With only $3.62B sold, markets are concerned that Spain may have trouble paying Bond investors back.  Uncertainty in global markets pressure investors to buy Treasuries and Mortgage bonds since they are US dollar denominated assets.

Global slowdown?  Manufacturing figures from Germany, France and China all reported below expectations.  Stocks may be affected as investors become hungry for debt securities, i.e. bonds.

What can we expect from the Jobs Report?  The expectations for 73,000 jobs to be created have been set relatively low.  Economic recovery has definitely slowed and confidence and uncertainty are still prevalent.  We do not know what will come from the President’s speech next Wednesday about a jobs initiative.  But we need the government and congress to take charge and provide some tangible fiscal solutions that would assist in creating jobs now.  We witnessed what happens when you throw $600B at the economy—nothing really.  We did not see any improvement concerning the unemployment rate in QE2.  Lower rates and a QE3 will not create more jobs.  Not until businesses have the confidence and ability along with incentives will they begin hiring.

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