Seattle Mortgage Rates Today 2/28/12
Seattle Mortgage Rates Today 2/28/12: Mortgage Bonds are benefitting with the report that consumer goods lasting more than 3 years came in much lower than expected. However, varied news out of Europe is mitigating any significant gains.
Reporting for economic confidence for the month of February came in above expectations in the European Union. Superficially, the report appears in a positive light. A closer look at the report reveals that Germany has the most confidence as they continue to perform well within the EU. Countries that are experiencing the debt crisis such as France and Italy report waning confidence.
The second Long Term Refinance Operation (LTRO) will be administered by the European Central Bank tomorrow. Although many Euro nations participated in borrowing 3-year money at 1% during the prior LTRO, it was negatively viewed as it revealed lingering problems.
As the Euro has been able to ward off a Greek default, it has gained some ground to the highest level in the past 3 months. One thing to watch is if the Euro will run higher or will pull back and move lower from current levels. If the Euro gets stronger at the expense of the US Dollar, bonds will negatively be affected as US stocks gain ground.