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Weekly Mortgage Wrap Up for March 9, 2012

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Mortgage Outlook for 3-9-12The big news that the market has been waiting for all week was the final outcome of last nights Greek debt settlement talks and the employment numbers that were released earlier today.

Greek Debt Resolution Agreed Upon

Last night, the Greek debt deal was completed with somewhere around 85% of investors agreeing to a swap. This is good news for the markets, but still not a 100% guarantee of a final resolution. The markets will continue to watch the situation closely in the coming days and weeks.

Employment Numbers Released by Labor Department

This morning, the Labor Department  released the monthly Employment for February showing an 8.3% unemployment rate that was unchanged from January. They also showed that 227,000 new jobs were added. This news is not bad, but also not as good as some market watchers were expecting.

How This News Has Affected Mortgage Rates

So far the less than positive employment news and Greek default news has pushed rates up minimally. That being said, there is still talk of some fallout due to the way the Greek settlement has been structure, which could make the existing Greek debt resolution appear less than ideal to the markets. If some fallout or negative effects occur, these could discount last night’s resolution in the eyes of market watchers and affect mortgage rates.

Mortgage rates also move throughout the day, every day, so the best way to get the latest mortgage rates is to call us or to request a rate quote using the fast rate quote above. We can also help answer any other mortgage related questions you might have in relation to rate locks and loan programs.

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