Feb 242015
 

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By G. Steven Bray

Mortgage rates regained some upward momentum last week when it appeared that Greece and the EU had agreed to extend its bailout. However, is that really what happened? Actually, Greece was put in timeout to work on a list of reforms that EU countries must approve in order to extend the bailout. As that reality sank in over the weekend, rate markets began to reverse.

Even if the EU eventually agrees to extend the bailout, they’re only kicking the can down the road. Greece still shows no intention of living within its means.

Eurodrama shares the spotlight this week with Fed head Yellen’s two days of Congressional testimony. The Fed meeting minutes last week showed the Fed is concerned about deflation and overseas events. However, we’ve had a strong Jan jobs report since the meeting. Markets will parse Yellen’s words in search of signs the Fed may hike rates sooner than expected.

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