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Weekly Mortgage Update: Week of June 25, 2012
Mortgage markets worsened last week as Greece tentatively formed a government and the Federal Reserve extended its Operation Twist program by $267 billion.
Neither event, however, removed the uncertainty surrounding global markets.
First, Greece must still adhere to stringent austerity measures in order to meet the terms of its IMF bailout. Its new government, however, may seek to revise the terms of its fiscal austerity, a move that would keep the nation-state -- and the European Union -- in fragile balance.
As Greece comes closer to resolution, U.S. mortgage rates are likely to rise. This is because economic uncertainty in Greece has helped to keep mortgage rates down since 2010. A reversal in policy would cause mortgage rates to reverse higher.
Second, it's clear that Wall Street expected more from the Federal Reserve.
The nation's central banker made moves to pressure long-term rates lower last week, but did little else to prop up an economy it believes will grow only "very gradually" over the next few quarters. Stock markets got a gentle boost from the Fed's new stimulus, and mortgage rates suffered only slightly.
Overall, conforming mortgage rates in Arizona rose slightly last week, and much of the action occurred after Freddie Mac's ... more

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