Seattle Mortgage Rates Today 3/6/2013
Seattle Mortgage Rates Today 3/6/2013:
What’s the Current Trend in Mortgage Rates?
Mortgage rates have worsened slightly.
What’s Happening in Financial Markets?
Continued debt crisis in Europe is now spreading and its newest victim is the country of Cyprus. After its bank lost billions in bad Greek debt, the country is in need of €17B ($22B) in bailout funds. This is exacerbated by the fact that Spanish banks also held some of the tiny country’s debt. As we all know, Spain is in dire straits as well.
Here on this side of the pond, the ADP Report was revised for February and January with 48,000 and 23,000 increases in jobs respectively. Although numbers look positive, the economy requires the creation of 250,000 jobs a month to move forward.
How Does This Affect My Mortgage Rate?
As the jobs numbers from ADP were released, investors found themselves feeling confident in riskier assets such as stocks at the expense of bonds. We are back to locking on the short-term and floating for the long-term.