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Current Mortgage Rates for Tuesday, October 2, 2012
It’s a slow day for U.S economic data, so market today’s market movement is likely to be driven by rumors and news out of Europe, and just general momentum. It seems pretty likely that mortgage rates will move around a bit but be more or less range bound today.
So there are rumors that Spain is on the verge of requesting a bailout, and that will trigger some form of bond buying program from the ECB. Spain’s borrowing costs are falling on this expectation and blah blah blah blah blah blah blah. Seriously, is there anyone left who buys that any of this will make any sort of long term impact whatsoever? The Eurozone unemployment reports that came out yesterday were disastrous. Over 11 percent unemployment on average, with low unemployment in the northern countries, and insanely high unemployment in peripheral countries (25% or so in Spain and Greece). Bailouts to prop up the banking systems of Europe will not change any of this, and I don’t know how long this type of situation can persist before the whole thing blows apart like a pressure cooker. Things fall apart, the centre cannot hold. Let’s just hope it falls apart peacefully.
Really, there’s not much else to talk about today. Tomorrow we get a little bit of data, but the rest of the week is going to be a waiting game for Friday’s employment report, and to a lesser extent, the FOMC minutes on Thursday. I’ll be pretty shocked if the minutes tell us anything we don’t already know, but who knows?
So again, we have mortgage rates near record lows, and it doesn’t seem as though anything is going to jar them upward any time soon. Still, the world is unpredictable, and there is a limited upside in waiting. It all depends upon your personal tolerance for risk, but if you’re looking for a mortgage in the short term, I’d still lock in now.
Today’s Links:
Housing Wire: Las Vegas is the Next Phoenix: Clear Capital. See following link.
Business Insider: The Housing Bubble in Phoenix is an Utter Fraud and Scam.
Reuters: Greek 2013 Budget Sees Sixth Year of Recession.
NYT: Georgia’s President Concedes Defeat in Parliamentary Election. He got beat by one of the oligarchs.
Adam Levitin: NYAG MBS Suit. I’m going to hold off on judging this thing, but my initial suspicion is that this is a PR stunt.
Charlie Pierce: How Not to Watch a Debate. The best way is to not watch at all.
BBC: Half of Great Barrier Reef Coral Lost in Last 27 Years.
Dave Dayen: Treasury Rumors: Replacements for Geithner on Either Side a Fairly Sorry Lot.
CNBC: Hedge Fund Returns Worsen: Is ‘Enormous Unraveling’ Near? As you get more and more hedge funds, you would figure that arbitrage opportunities would decrease, right?
NYT: A Trans-Atlantic Trip Turns Kafkaesque. “At the terminal, a woman in a spiffy red American Airlines blazer was sent to greet us. But the language she spoke – Martian – was not easily understood, versed as we were in Spanish, English, Russian, and Urdu.”
Letters of Note: This, sir, is my resignation. William Faulkner’s resignation from the Post Office. Short enough that it is worth reproducing here because of its extreme awesomeness: “As long as I live under the capitalistic system, I expect to have my life influenced by the demands of moneyed people. But I will be damned if I propose to be at the beck and call of every itinerant scoundrel who has two cents to invest in a postage stamp.”
Bloomberg: Investors Doubt QE3 Lift to U.S. Discretionary Spending. Yeah no kidding. It’s not as though the helicopter literally dropped money into my yard.
Washington Monthly: A Fish Story: How an Angler and Two Government Bureaucrats May Have Saved the Atlantic Ocean.
Mental Floss: Alternate Histories: 7 More Ways the World Could Be Completely Different.
Yahoo: As the Compact Disc Turns 30, Recalling Our First CDs. Mine was EPMD’s “Business Never Personal”. I believe I still have it, collecting dust somewhere with a lot of other CDs.
Total Mortgage consistently offers some of the lowest current mortgage rates, jumbo mortgage rates, and fha mortgage rates in the country.
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2012-10-02 09:01:43
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