Seattle Mortgage Rates Today 11/5/12: News of Greece’s presentation of the proposed austerity package to parliament is in the headlines.  As was mentioned before, debt-laden Greece was sure to bear its ugly head.  In order to fend off bankruptcy and secure additional aid from the European Central Bank, parliament needs to approve the new package.  Although the citizens of Greece are frustrated with the belt-tightening over the past 4 years which has left 25% of Greeks jobless and wiped out 20% of their economy in the wake, the austerity package is expected to pass this coming Sunday.  Should parliament approve the proposal, a bailout to the tune of €31.5 billion (US $40.415B) will finally be available.  Exacerbating the need for aid is a €5 billion (US $6.415 B) treasury note due November 16^th.  In order to recapitalize banks, €25 billion (US $32B) will be allocated.  Inevitably, expect more protests to erupt.

Here in this side of the pond, the bond market continues its upward trend.  Sentiment out of Greece and concern about the upcoming Presidential election are positively affecting bonds.  Again, bond prices are near their best prices and holding rates near historic lows.  Although floating is a viable option, a locking stance is just as good.  Here’s another opportunity to acquire a great, low rate.