subject: Current Mortgage Rates For, 6, November12 [print this page] Mortgage rates start the day for the worseMortgage rates start the day for the worse. In the nonappearance of any monetary data of any import, I believe this is now the typical market instability that weve come to anticipate, or just the backswing resulting from a couple of days attraction of developments. In every possibility rates will carry on to jump more or less their current range now. We can splendidly witness a lot of progress tomorrow awaiting the result of the election and the result of a very vital austerity vote in Greece.
What is there to state regarding the election that hasnt already been said? My opinion is that the markets would treat an Obama win as an unconstructive economic sign, and a Romney wins likely a constructive economic sign. If Obama is elected we possibly will witness a (probably small) decline in long-term interest rates, and if Romney is elected long-term rates will pick up. Moreover I believe the effects will be momentary, rapidly being covered by the difficulties the markets will be beneath from the Euro zone dilemma and the threatening financial cliff encounter. Eventually, I think that Obama is expected to succeed.
The U.S. presidential election is overriding an additional vote across the country that might have further instant effects on the markets that control mortgage rates. On Wednesday, the Greek parliament has to vote on a range of austerity procedures that are associated to the next part of bailouts. If these procedures are not endorsed and no bailout is concern, Greece may well finish of money prior to the end of the month, possibly hastening a way out from the Euro zone*. Austerity procedures have previously rooted extensive ache in Greece, which has an unemployment rate of about 25%. In reply to the chance of even more funds cuts, Greeces biggest unions have begun a two day common strike. This is a circumstance that tolerates watching since an unconstructive result could be extremely terrible for stocks (and expected fine for links and mortgage rates).
