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Spain is the second Eurozone nation to face severe debt concerns. Italy is thought to be next. U.S. mortgage rates are benefitting.
Want a mortgage rate prediction for the next week? The polish is off the PIIGS, so to speak. Here's what it means for mortgage rates.
Want a mortgage rate prediction for the next week? I participate in the weekly Bankrate.com Mortgage Rate Trend Index survey. This week's results may have your answers.
There's two ways to play this market. You can (1) lock your mortgage rate now, or (2) wait to see if rates will start to fall again. The better course is the former. Rates won't fall long-term.
Stop waiting for rates to "come back". Stop thinking the markets "are due". Stop thinking you have a day "to think it over". They won't, they're not, and you don't. Rates will fall this week. The time to lock is now.
Fear and doubt work in favor of mortgage rates. Too much fear and doubt, however, work against them. It's why mortgage rates won't fall further in this next week.
Default concern is now spilling beyond the Greek border to the rest of the PIIGS -- Portugal, Ireland, Italy and Spain. Contagion mentality has set in. Markets have moved into Safe Haven mode. It's helping mortgage rates fall but it won't last forever.
