Seattle Mortgage Rates Today 11/7/12
Seattle Mortgage Rates Today 11/7/12: Over in Greece, parliament narrowly passed the latest austerity package despite opposition. Opposition lawmakers and parliament employees walked out in protest halting the current session temporarily. In response to the austerity measures, police countered nearly 100,000 protesters outside parliament with water cannons and teargas. Demonstrator’s dissent stems from the idea that the wealthy will remain unaffected while the poor will continue on with the struggle the measures have placed on them. This is far from over.
Mortgage bonds have ascended now that the election is over. What’s affecting bonds this morning? With Obama remaining in the presidency the Fed’s easing program will continue until the economy begins its recovery along with a marked improvement in the labor market. However, despite who would be residing in the white house, Quantitative Easing 3 is here to stay.
Also helping bonds is the subject of the fiscal cliff. Will it fall off and end? That uncertainty will continue to support bonds over the next several weeks as we learn how the Obama Administration intends to tackle priority. Perhaps the President will let it fall and “re-write” the “new” rules…
Although bonds are up, lenders have yet to pass those savings to consumers; however, rates are at historic lows. One word of advice: volatility. Lock if you can.