Mortgage Rate Update December 15, 2011

I know it’s probably hard to believe but mortgage rates are unchanged this morning (for what seems like the umpteenth consecutive day).

When the markets opened this morning it looked as if mortgage rates might eek slightly higher on better than expected jobless claims data & a successful Spanish debt auction.

The number of people filing for jobless benefits fell to the lowest level since May of 2008 which is a great sign for the economy.  Good news for the economy is often bad news for mortgage rates.

The troubled Spanish Government had no trouble finding buyers for the nearly $8 billion in bonds it auctioned off earlier today.  Could this be a sign that pressure in the Euro-zone is easing?

All the news was positive for the economic outlook this morning until the head of International Monetary Fund commented that the conditions in Europe were worsening and that the outlook for the global economy was “quite gloomy”.  I’ll maintain a neutral outlook for rates.

Current Outlook: neutral