Seattle Mortgage Company

Seattle Mortgage Rates Today 5/18/12

Seattle Mortgage Company — Fri, 18 May 2012 17:22:58 +0000

Seattle Mortgage Rates Today 5/18/12: There is not much to report about today except for the highly anticipated Facebook IPO. It opened higher than expected—about 25% higher. Mortgage Bonds are slightly affected as stocks move higher with the release of the IPO. In addition, given that the drama in Europe has calmed and no national reports are out bonds are pressured slightly lower.

“What goes up must come down!” As we’ve seen bonds continue on their upward trend the past couple of weeks, they have reached a point where we may see them pressured lower in the coming weeks. As we see stocks gain traction bonds may be negatively affected. Although we have become accustomed to the current state of the market, bonds may have knee-jerk reaction to any news coming from around the country or Europe. Don’t expect rates to fall much further at this point. Given the recent lending environment, lenders have plenty of business and will most likely not lower rates in order to buy the market. Lock in the short-term and for those who are floating, be cognizant of the market and stay one step ahead.

As we begin the season of home buying, are you prepared to make on offer on that house you just viewed? Is your offer strong enough to entice sellers? WE ARE THE PURCHASE EXPERTS! By working with The Mortgage Reel Team—unlike the big banks—be assured of an on-time 30-day closing! Contact us today and receive a same-day pre-approval.

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Seattle Mortgage Rates Today 5/18/12

Seattle Mortgage Rates Today 5/17/12

Seattle Mortgage Company — Thu, 17 May 2012 18:28:58 +0000

Seattle Mortgage Rates Today 5/17/12: “Hey, Greece, is this what purgatory feels like?” Still with no unified government, Greece is in political purgatory. The opposition between The New Democracy, the pro-bailout constituency, and Syriza, the anti-bailout party, continues to divide the country. News that select banks in Greece will not receive funding any longer from the ECB exacerbates the dire straits that currently face them. The President of the ECB, Mario Draghi, stated that the Greek government needs to head the recapitalization effort. He went on to say that “the integrity of our balance sheet” will not be compromised in an effort to bail-out Greek banks. The persistent negative sentiment continues the downward pressure on the Euro while the US dollar benefits.

“Spain, you’re the next contestant on the price-is-not-so-right!” Spain is also experiencing economic pain buried in debt of gargantuan proportions along with its failing banking industry. If Spain continues on this road, they may be next in line for failure. Should the availability of bond market funding for Spain cease, it could be very detrimental. As of now, the Spanish 10-Year note is climbing to unsustainable levels while prices continue to fall. If the ECB does not step in to control the situation there will be unfortunate consequences the EU, indeed.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/17/12

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Seattle Mortgage Rates Today 5/16/12

Seattle Mortgage Company — Wed, 16 May 2012 18:05:26 +0000

Seattle Mortgage Rates Today 5/16/12: “Greece, get it together!” Yesterday in Berlin, German Chancellor Merkel and French President Hollande met for the first time. Not surprisingly, if Greece can unite, Hollande and Merkel stated they would mull over measures that may spur growth. The citizens of Greece desperately need to vote in a government that would be steadfast to the mandated austerity measures that were previously agreed to in the initial bailout. Don’t expect the European Central Bank to “power up the presses” and print more money to buy bonds. That’s not what Merkel and Hollande intend when considering growth measures; they intend to approach Greece with proposals to assist the country. However, none of this can happen if the citizens of Greece cannot come together and vote for a unified government. Greece’s debt woes run deep; what more can be done to mitigate their fallout from the Euro? Although the situation continues to be uncertain, an inkling that the EU is open to additional support for Greece is giving a bit of confidence to global investors at the ever-so-slight expense of bonds.

The minutes from the April 25^th Fed meeting will be released today. What do we need to pay attention to? Should we hear nothing of QE3, the reaction to bonds remains uncertain. We may see a knee-jerk reaction in the market with bonds negatively affected.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/16/12

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Seattle Mortgage Rates Today 5/15/12

Seattle Mortgage Company — Tue, 15 May 2012 19:04:10 +0000

Seattle Mortgage Rates Today 5/15/12: “Opposites Attract?” France’s newly elected President, Francois Hollande, and Germany’s Chancellor, Angela Merkel, go on their “first date” today. Since former President Sarkozy left office, the sentiment regarding Hollande and Merkel has been uncertain. Why? President Hollande’s election platform is contrary to Chancellor Merkel’s economic principles. Monsieur Hollande believes to induce growth the government must increase spending while reducing austerity measures. On the other hand, Frau Merkel wants every EU participant to reduce their own debt through mandated austerity measures pressuring those countries to meet their annual fiscal budget deficit targets. Also note that Germany is against any more support from the European Central Bank in the form of additional bond buying for fear of hyperinflation and a devalued currency. Given the very tight austerity measures, perhaps Germany will realize they need to give those countries a bit more time to work within the mandated measures.

“Recession? I’m sorry; you must’ve dialed the wrong number.” The GDP Report coming out of the EU reported a half percent upswing for Germany ensuring the entire region from slipping into a recession. However, with 24% unemployment, Spain will most likely remain in a recession through the end of next year. And let’s not forget about Greece; with no unified government, they are “on their way out” of the Euro. That time may come sooner than many think.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/15/12

Seattle Mortgage Rates Today 5/14/12

Seattle Mortgage Company — Mon, 14 May 2012 16:54:34 +0000

Mortgage Rates Seattle

Seattle Mortgage Rates Today 5/14/12: “It’s the Great Greece Exit, Euro Zone!” As the minutes tick by, the crisis in Greece continues to worsen. Exacerbated by the mandated austerity measures and bailout-resistant people, Greece remains in political purgatory unable to form a decisively cohesive government. In Brussels, European Union officials are strategizing on how to tackle Greece’s exit from the Euro. Again, as we said in an earlier post, there will be a plethora of unintended—and negative—consequences should Greece be pushed out of the EU.

The negative sentiment over the pond is pressuring trading of the Euro which has reached its lowest point—below $1.29—since January. With such uncertainty and volatility in the market, global investors continue to find their way to a safe haven like US bonds and the US dollar. How long will the bond honeymoon last? Only time will tell. As the uncertainty in Europe continues to climb, bonds will continue to clamor for traders.

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Seattle Mortgage Rates Today 5/14/12

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Seattle Mortgage Rates Today 5/11/12

Seattle Mortgage Company — Fri, 11 May 2012 17:49:29 +0000

Seattle Mortgage Rates Today 5/11/12: “Grexit-ing?” Wolfgang Schaeuble, Germany’s Finance Minister, voiced his opinion proposing Greece exit the Euro. However, should Greece exit there would be a plethora of unintended, detrimental consequences. The financial commitment needed from the EU is colossal as the European Central Bank would have to buy bonds from Italy and Spain to control yields. Exacerbating the risk of capital of the EU is the political risk. Any decision made must be collaborated by France’s newly elected President, Francois Hollande, and German Chancellor, Angela Merkel—who don’t seem to be quite fond of each other. As we continue to hear about the woes in Europe, global investors will continue to put their money into US Bonds.

“Chase? #BigBanksFailAgain” Jamie Dimon, the CEO of JPMorgan Chase, stated that they made “egregious mistakes” after Chase reported significant trading losses. Financial stocks are taking a beating and those in favor of the Volcker Rule—a section of Dodd-Frank that restricts banks from doing their own trading—are in high praise…and probably saying, “I told you so.” Given that the banking industry has attempted to clean up their act, this news only soils their image. Let’s see if more banks follow suit.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/11/12

Seattle Mortgage Rates Today 5/10/12

jramos — Thu, 10 May 2012 16:58:54 +0000

Seattle Mortgage Rates Today 5/10/12: “Is the collapse of the EU on the horizon?” Those words may ring true in 2013 should Greece find itself seceding from the European Union. Obviously, with their debt woes and mandated austerity measures, Greece will not be coming out of the abyss anytime soon. Other countries experiencing economic crises, such as Italy and Spain, are just beginning to rear their ugly heads. Should the crises reach their full potential like their neighbor Greece, the collapse of the EU in within reach.

While Greece continues to experience uncertainty given the current state of their economy and government, it is likely that they will find themselves in another default. Spain, too, is on its way down as the government took control of another large banking institution. Falling housing prices are forcing banks to attempt to recapitalize at the expense of government bailouts. This is already a bad situation that can get worse quickly. As more negative sentiment materializes out of the EU, global investors will continue to find the safe haven in US bonds.

Mortgage bonds have been experiencing their best levels for the past week. Again, what goes up must come down. Although bonds have been stable, stocks have an opportunity to gain some strength—probably not enough to affect us in over the longer term.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/10/12

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Seattle Mortgage Rates Today 5/9/12

Seattle Mortgage Company — Wed, 09 May 2012 17:27:39 +0000

Seattle Mortgage Rates Today 5/9/12: Mortgage Bonds continue to trade at all-time highs as the Euro continues to fall against the dollar as political unrest unfolds in the region. Investors are finding themselves in the safe haven of mortgage bonds and government securities. Given the complexity of the problems affecting the EU, recovery is not on the horizon. News from Europe is also negatively affecting stocks pressuring bonds upward. Perhaps we will see 30 year fixed mortgage rates fall even lower.

AS you know, what goes up must—at some point—come down. Again, bonds continue to see their best days of late. How long will it last? Only time can tell. If you are already pre-approved and waiting to lock, today may be the day. Be sure to contact us to understand what may affect any changes in the market today.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/9/12

Seattle Mortgage Rates Today 5/8/12

Seattle Mortgage Company — Tue, 08 May 2012 16:50:02 +0000

Seattle Mortgage Rates Today 5/8/12: Greece is still in limbo as the country continues to struggle to form a new government. The battle between The New Democracy and Syriza is exacerbating the debt crisis that Greece has been dealing with for the past 2 years. In addition, we may see more of Spain and the Netherlands crises rise to the surface in the next few weeks.

This week in Manhattan the Mortgage bankers Association (MBA) will be holding a conference. Mr. Lewis Ranieri, the keynote speaker, believes the US housing market may be bottoming out. However, there is still sentiment concerning that home prices may fall just a bit more. This is all coming from Mr. Ranieri who pushed for mortgage securities at Salomon Brothers in the 80s.

Why are bonds trading at near all-time highs? The small business optimism index rose 2% in April reported the National Federation of Business. The survey reported that small businesses are planning future investing and hiring. On the contrary, companies’ rate of hiring was actually slower in April than it was in March. This still shows that the economy is fragile and the markets are volatile.

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Seattle Mortgage Rates Today 5/8/12

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Seattle Mortgage Rates Today 5/7/12

Seattle Mortgage Company — Mon, 07 May 2012 16:22:26 +0000

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Seattle Mortgage Rates Today 5/7/12: “Sar-ko-zy! C’est Fini! Sar-ko-zy! C’est Fini!” This was the sentiment that was chanted yesterday as French President Nicolas Sarkozy was bid au revoir. Since the financial crisis began, France’s newly elected President, Francois Hollande, will be the ninth Euro Zone leader to be voted in—out with the old and in with the new. What platform was this socialist standing on to get elected? President Hollande wants the European Central Bank to lend more to stimulate growth and infuse another 20 billion Euros into the economy, lower the age of retirement and tax the wealthy. Obviously, this message resounded with the new generation of France as well as those feeling suffocated by implemented austerity measures.

“Whatcha talkin’ ‘bout, Greece?!” Greece is once again dealing with the government’s austerity measures; as in: they do not want any austerity measures. A pro-bailout party, The New Democracy, is having difficulty garnering support to stop further austerity measures. Against The New Democracy is Syriza, the anti-bailout party. May the best party win.

As we see stocks falling in Europe, more uncertainty is pressuring the Euro lower with the US dollar and bonds benefitting from the negative sentiment. Watch out as we may find ourselves in the perfect time to refinance or purchase with the lowest rates in history.

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Post from: The Mortgage Reel - Seattle Real Estate Preferred Correspondent Lender

Seattle Mortgage Rates Today 5/7/12

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