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What’s Ahead For Mortgage Rates This Week : October 16, 2011
 
What’s Ahead For Mortgage Rates This Week : October 16, 2011    
Mortgage bonds suffered through another tough week last week as rising optimism that Eurozone leaders will “rescue” Greece plus stronger-than-expected economic data in the U.S. led bonds lower for the second straight week.
Conforming and FHA mortgage rates in South Carolina moved sharply higher. After reaching an all-time low just two weeks ago, 30-year fixed mortgage rates are now at a 2-month high.
There were several big stories in the mortgage bond market last week. Each was bad for consumer mortgage rates.
The first big story was tied to Greece. As meetings continue between Eurozone leader and rhetoric heats up, it’s becoming increasingly clear that Greece will receive its next wave of debtor aid. The planned rescue of Greece is undoing the safe haven buying that characterized the mid-summer financial markets. 
With investors more willing to take risks, mortgage bonds are selling off, and rates are rising.
The next big story was the release of the Federal Reserve’s September meeting minutes. The central bank’s meeting recap showed that the Fed considered additional stimulus beyond its Operation Twist, even as inflationary pressures are increasing. Because inflation lowers the value ... more

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