Seattle Mortgage Rates Today 8/30/12
Seattle Mortgage Rates Today 8/30/12: “Ben Bernanke, what say you?” Foreshadowing tomorrow’s Fed speech on monetary policy, Dennis Lockhart, Atlanta’s Federal Reserve President, stated that “further stimulus could have some positive effects.” Well, isn’t that the point of easing? Fundamentally, another round of easing is needed and it’s highly anticipated that Benny Bernanke will make this announcement. The question is when it will be implemented.
Mortgage bonds continue on their slow climb as more weak economic news is released. The Initial Jobless Claims came in 4,000 higher than the 370,000 expected. This is exacerbated by the revision higher to last week’s numbers. As was mentioned yesterday, the GDP is hanging around 1.7%; the GDP needs to grow to 2.5% in order to stabilize the unemployment rate. But until GDP reaches at least 3%, the unemployment rate will not fall. What does this mean? The only thing that will be stable will be mortgage rates.
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