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Buying a House? Then Rates Better Not be Greek to You - The Cost of Waiting to Buy
With all of the recent strength in the Twin Cities housing market and Minnesota’s relatively low unemployment rate one might be confused about why we’re experiencing all-time lows (ours are even lower) in mortgage rates since typically the beginning of a recovery is followed by higher interest rates.  But the truth is that the Minnesota story is not the national or global story.  Events on the national and international stage have caused the Federal Reserve and global bond markets to drive US mortgage rates down.  This too will end and will carry a cost to those contemplating a mortgage.
First, some context:
Internationally, the story is Europe.  There are problems in Greece, Spain, Portugal, Italy, Ireland and some would say in France.  As the Euro Zone falls into disarray, fewer investors are interested in Euro denominated assets[1].  They have been selling them and buying up assets perceived to be safer.  These have primarily been US Treasuries and US mortgage backed securities.  As these assets are bought up, their investment yield drops and as their investment yield drops, so too do mortgage interest rates.  Of course as Europe heals, the opposite is true and mortgage rates will undoubtedly rise.
This international problem ... more

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