Seattle Mortgage Rates Today 8/29/12
Seattle Mortgage Rates Today 8/29/12: “Let’s wait and see what happens next…” This is the sentiment markets are maintaining until Federal Reserve Chairman Ben Bernanke delivers his speech on economic and monetary policy on Friday in Jackson Hole, Wyoming. Mortgage bonds are trading slightly lower as the estimate for the 2nd quarter Gross Domestic Product (GDP) came in 0.2% higher at 1.7%. While some may see that as positive, it’s still lower than the 2-2.5% needed to keep the jobless rate steady. That was evidenced by the slight uptick in the unemployment rate last month.
“QE3, what’s it going to take?” Mixed news and economic data continues to keep QE3 at bay. However, fundamentally, some type of stimulus must take place. Job growth is still retarded; the uncertainty about the European debt crisis; and the uncertainty surrounding the upcoming fiscal cliff—cuts in government spending along with tax hikes in 2013—all add up to another round of easing. Even if Bernanke announces another round of easing on Friday, when will it be implemented? Perhaps, only the end of 2012 knows the answer to that question.
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