Seattle Mortgage Rates Today 9/27/12
Seattle Mortgage Rates Today 9/27/12: Despite some disappointing economic reports, mortgage bonds are trading lower following nearly a week of gains. Alarmingly, Durable Goods Orders—items expected to last more than 3 years and a good indicator of manufacturing—came in at -13.2%. Yes, that’s a negative 13.2 percent. This reading is nearly 3 times worse than analysts expected and is the largest decline in the past 3 years. Also realized is the nation’s retarded GDP growth which is still under 2 percent. Ouch.
Sustained unrest continues to plague Greece and Spain. Greece is experiencing unemployment at the same rate as Spain—1 in 4 citizens are unemployed. Greece’s mandated austerity measures effectively burdens every single man, woman, and child to the tune of €1242 ($1,600). As the Euro Zone’s fourth largest economy, Spain is at the forefront of the debt crisis. Borrowing costs are currently unsustainable and a bond-buying program by the European Central Bank would aid in lowering those yields. Spain’s Prime Minister, Mariano Rajoy, is steadfast in not requesting aid from the ECB…quite yet.
Although mortgage bonds received a beating this morning, now is the time to lock. Volatility in the market is unpredictable and rates are not expected to get any lower. Take advantage of today’s pricing.