Mortgage Rate Update for June 6, 2012Over the course of Monday and Tuesday, we’ve seen mortgage rates move up. This morning is seeing more of the same as mortgage rates are starting off with a slow move up based on speculation on possible stimulus for the US and Euro markets.

Little US Data Shifts Focus to Europe

While US market watchers have always got a close eye on Europe, this is even more true this week as we see very little economic data being released in the US.

As news, rumor and speculation about the latest events in Europe unfold, this activity is having a direct affect on US equities and bond markets, which in turn is pushing mortgage rates upward. More specifically, rumors that US and European markets will be recipients of some undefined stimulative actions represent good news to the markets, which is bad for mortgage rates.

Outside of Greece’s initial issues and struggles, the longer term fear is that Spain and Italy could also become insolvent. If that were to happen, it would indicate that Euro issues are much further reaching than once thought and would be further evidence that the Eurozone as a whole is in very serious trouble. Now that the markets are getting more and more negative reports about the health of Spain and issues its banks are facing, worst case Euro scenarios are being seen as more likely than once thought.

Where Are Mortgage Rates Now?

Mortgage rates started off this morning moving upward, continuing a trend that started on Monday. Since mortgage rates can change many times per day, please call us directly or use the Fast Quote form above to get up to the minute mortgage pricing.

We can also answer any mortgage related questions you might have and help you understand which loan programs make the most sense for your specific needs.