Bellevue / Seattle Real Estate Mortgage Rate Watch: Its all about the technical data, Gross Domestic Report tomorrow and Jobs/Unemployment Next week. Yesterday the Federal Reserve left the Fed Funds rate unchanged at no surprise. The comments from the meeting is what Wall Street listened to as they are not buying the Federal Reserve playing down the economic recovery, which brings up the debate if Quantitative Easing 2 for $600 Billion is necessary as the economy is in a gradual improvement. It may be slow going but that is ok if we do not have crazy inflation. Consumers are already feeling it in their pockets from the cost of heating fuel, gas and groceries with recent increases.
Today more AUCTIONS, $29 Billion in 7 year notes with a A- grade. This is good but not enough to make rates IMPROVE today, this is very important to watch. In order for RATES to IMPROVE much more from here we need to see a better response to auctions. If not this is as good as it is going to get!
Historically, interest rates tend to settle a bit lower after the New Year has started. This year is taking its own course of action with the real estate recovery key for this economy. Typically you will see rates trend a bit lower closer to February of each year. This trend is a not a huge drop in rates but can be around .125-.250 % reduction in rate.
Since the economy is in recovery mode, interest rates are close or at rock bottom today. As the economy continues to recovery, the market knows mortgage rates will climb as the economy strengthens. This is a key signal to refinance and secure your rate sooner than later. If you wait 30-60 days to see if rates settle a bit lower, continue to follow the daily trends at
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