Seattle Mortgage Rates Today 7/23/12:  “’Uh-oh,’ said Greece to Spain.”  Dire news that Greece may not be able to reach the terms of their bailout has markets in a tizzy.  The International Monetary Fund (IMF) may stop aid to Greece.  Should that be the case, Greece may well be on their way to default come this September.  The outlook is not looking so great no matter how you look at it.

Spain is not looking too good either these days.  Austerity measures are pushing Spaniards to riot and protest.  Will Spain need another bailout?  Spain’s banks already have been “recapitalized” with €100BN and everyone knows they need much more than that.  We see Spain on the road to losing access to funds; Spain is on the same road as Greece, Portugal and Ireland.  This is only exacerbated by the fact that Spain’s economy is larger than those aforementioned.  The uncertainty is definitely contributing to the safe haven trading here at the expense of stocks.

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