Seattle Mortgage Rates Today 11/27/12
Seattle Mortgage Rates Today 11/27/12: Talks between the European Central Bank, International Monetary Fund, and EU finance ministers resulted in a debt deal to unfreeze additional Greek aid. The aid package will reduce Greek debt by €40 billion ($52 billion) by 2020. In order to achieve this goal, finance ministers approved to lower the interest rates on official loans, extended maturity on 15 year loans to 30 years and a 10 year grace period on interest payments for said loans. Although an agreement has been met with applause, the citizens of Greece are still wary. Many believe that this will not assist in the recovery and that problems are still prevalent. However, the chance for a “Grexit” from the Euro Zone has been minimized by the deal.
Issues regarding the fiscal cliff continue to plague US news. Historically low rates due to slow-moving economic conditions are predominant. However, if Congress does not come to an agreement by the end of the year we can expect tax hikes and spending cuts. Congress needs to implement a plan to reduce deficit and lower debt. Should that not happen, we should all turn out heads to Greece and see what happened over there.