After a tick upwards earlier this week, mortgage rates have settled back down after austerity talks in Greece fell apart and Greeks demonstrated amid scattered violence.
Uncertainty about the situation in Greece is good for mortgage rates in the short term though, which is why rates ticked lower today. We can expect rates to tick upwards when the situation in Greece is resolved with certainty.
That being said, any number of other countries with debt solvency issues could help put pressure on mortgage rates and keep them at their current historically low levels.
Europe Moving Forward in the Weeks Ahead
Today Italian banks were downgraded. This is not good news for Europe and how this plays out in the coming weeks may help mortgage rates sustain their current low levels for even longer. If Italy is the first in a series of downgrades, this could get interesting for mortgage rates in a good way.
Mortgage Rate Factors for Next Week
- Jobless Claims
- Housing Starts
- Consumer Price Index
- FOMC Minutes
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Gregg Harris has written 171 articles on LenderCity
