Seattle Real Estate Mortgage Rates Today UPDATE ON THE GREECE SAGA 11/3/11
Seattle Real Estate Mortgage Rates Today 11/3/11: Attention is still on Greece, the stock market is back on the wagon and Mortgage Rates are ticking higher. All on hype! Yes that is it, all hype, the problems in the Euro are far from over and will continue to headline news for months to come. They come out with a plan and all is fixed. That plan has not worked it self out here in the U.S. and it has been over three years. Focusing back on the U.S. it comes down to the Jobs report tomorrow…… Don’t hold your breathe and the number is speculated to rise before coming back down in 2012.
We are focusing on what economists are speculating on what will happen to the 10 year bond dropping below 2.00%. Why does this matter to home owners? If the 10 year bond drops below 2.00% it could cause all long term securities to fall also which would trigger Mortgage Rates to move even lower than the best rates seen in the last two years. How low? Some have speculated Mortgage Rates to drop to 3.50%……. it could happen. Just like Greece the U.S. is still fighting our own way out of the current problems and we can still see bumps ahead on the road to recovery.
Focusing on local data over national numbers is very important when considering a refinance or purchasing a home. Where the economies have been hit the hardest and unemployment is at the highest would it be a good time to buy? That is a question that can be debated all day. BUT here in Washington we have to pay attention to what locally based companies are doing. BOEING for example. Just less than one year ago many employees were wondering if they too would see the unemployment line. Today BOEING has once again turned the corner heading towards many years of strong revenues. BOEING is has a huge impact on local scales of economy in Washington. Maybe not as much as in the 80’s but still has siginificant weight. Locally our market is not a depressed as many others in the country.
Once again we have to focus on timing. We hear so often the comments of how HARP (Home Affordable Refinance Program) is killing the market. We cannot understand where that has a direct correlation to the housing market. Bailing out who. People who qualify? These are not SUB PRIME Loans, Junk Loans, people who have bad credit. These are home owners who are making their payment with loans purchased by Fannie Mae and Freddie Mac prior to May of 2009. The key here is that they have to QUALIFY. These loans are not just being thrown out to anyone who has a home. In fact, today many still cannot take advantage of the new program because the rules simply do not help.
Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?
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