Seattle Mortgage Rates Today 6/1/12
Seattle Mortgage Rate Today 6/1/12: “Where are the Jobs?!” This morning’s Jobs Report came in disappointingly lower than expected. Wednesday’s ADP Report estimated the creation of 120,000 jobs for May which is 30,000 less than expected. However, upon the release of May’s Jobs Report it was much worse than that. With only 69,000 jobs created and revisions to the prior 2 months, the unemployment rate increased to 8.2%. Ouch.
“QE3, can you hear me now?” The Fed must be feeling the pressure to do something given the pathetic economic readings in the last couple of weeks. Exacerbated by the terribly low Jobs Report, the Fed may have to step in and provide some type of stimulus. What will that stimulus be? Who knows? What we know is that something must be done soon.
Given the European debt crisis, the US dollar continues to strengthen and safe haven trading in US bonds is pressuring rates to drop. The US economy continues to be sluggish and the crises affecting the EU are not over. We can only wait and see what next week brings us. In the meantime, we recommend locking rates in the short-term and for those who can wait, hold on for the next week.
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