Seattle Mortgage Rates Today 8/10/12
Seattle Mortgage Rates Today 8/10/12: “What goes down must come up!” Indeed. With evidence that the global economy continues to slow, mortgage bonds have begun their upward trend today. The demand for global imports is also slowing which was validated by China’s weak export numbers. Global investors are putting their money into the relatively safe haven of US bonds and the US dollar. This is exacerbated by the fact that China’s export numbers are down over 15% year over year with one of their biggest trading partners that is Europe. One should also note that weakening Euro economies will not allow for European imports to China, as well.
Off the record: It seems that a “perfect storm” may be brewing in China. Many factors including slowing growth and weakening exports will inevitably affect the global market. China’s aggressive growth the past few years can only be considered unsustainable. Housing is overbuilt; China’s housing bubble is going to implode. Just wait.
Will we see 3.5% for a 30 year fixed rate mortgage with no costs? The likely answer is…yes, maybe.
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