Mortgage Rate Update June 24, 2011

Posted on by Evan in Rate Update

Mortgage rates are unchanged this morning.

Concerns over the fiscal stability of the Euro-zone are just like the gopher in the movie Caddyshack.  Yesterday afternoon Greek, EU, and International Monetary Fund officials announced they had reached an agreement on another round of bailout funds which would prevent a default in the near-term.  Great news!  We can put that concern to bed.

Will he pop up in Portugal next?

However, on the same day another concern “popped up”.  Share prices of Italian banks have plummeted over the past 24 hours as investors grow increasingly concerned over their exposure to Greek debt.  What?  New uncertainties are now helping interest rates remain low here in the US.

Stocks here in the US are trading lower on this news despite better than expected durable goods figures for May.  For now we’ll remain in a floating position to see if rates can move lower.

Current Outlook:  floating