First Time Home Buyers
The current interest rates sit virtually unchanged today after having made up for losses at the opening bell.
Fed Chairman Bernanke was due to testify before the House today, but they’re taking a snow day today as a second storm barrels at them. There wasn’t much data due out this week, but there is even less when the government is shut down to start the week.
We were pointing to the Greece mess and how it may impact mortgage rates. European Central Bank President Trichet left Australia earlier than planned to get back to work on the rescue plan. The insurance markets essentially have Greece at a 20:1 shot to default. A whole country at 20:1 is not good, but if the EU bails out Greece, then Portugal, Spain, and Ireland have probably already written their bailout request letters.
Understandably, money has flooded into the U.S. banking system since this began. The money went into bonds for safety. Should the Greece issue be resolved to the satisfaction of global investors, rates could very easily jump .5% overnight.
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