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Mortgage Update for April 12, 2012

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All time lows for 15 year fixed rate mortgagesMarket watchers continued eyeing Europe today as the debt woes in Spain appear to be worsening. More bad news or even the prospect of bad news being possible will help expert downward pressure on mortgage rates.

As the situation in Spain deteriorates, there is concern that we could see the same issue arise in France and Italy. This is big news for everyone, not just Europe and it can and will affect mortgage rates in the United States. The fear is that the United States could potentially be pulled into a global recession, a worst case scenario.

15 Year Mortgage Rates Hit All Time Record Lows!

15 Year Fixed Mortgage rates hit all time historic record lows today. The average rate for a 15 Year Fixed Mortgage fell to 3.88% today according to Freddie Mac. Interested in locking in all time historic lows? Contact us now to get a fast quote or fill out the free rate quote form above.

More Economic Data Released

Two major pieces of data were released this morning.

This morning saw the Department of Labor release data showing that weekly initial unemployment claims increased by 13,000 from the week before to 380,000 claims.

Data was also released this morning for the Producer Price Index or PPI, came in with a 0.3% increase. This was a fairly flat number, so it is unlikely that this played a major role in any mortgage rate movement today.

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