Seattle Mortgage Rates Today 10/4/2012
Seattle Mortgage Rates Today 10/4/12: In anticipation of Friday’s Jobs Report mortgage bonds opened slightly lower this morning. Weekly initial Jobless Claims were 2,000 more than the expected 365,000 but lower than economists’ expectations of 370,000. U.S. Firms’ layoffs were almost 5% higher in September coming out of August. The labor market continues to struggle with unemployment at a stable 8.1%. There may be some knee-jerk, market volatility ahead of tomorrow’s Jobs Report.
Across the pond, European Central Bank President Mario Draghi has stated that they are read to implement a bond-buying program for countries such as Spain. Spain has yet to request such aid although markets are anticipating that Spain will succumb soon. Spain’s Prime Minister Mariano Rajoy has made progress in tackling their fiscal deficit. Mario Draghi’s bond buying program referred to as OMT (Outright Monetary Transactions), helped ease the financial markets although it has yet to be implemented.
Fundamentally, rates should be lower. However, rates have been stable as of late and will continue to hold ground save for short-term fluctuations. Again, a locking stance is recommended at this time.