February Off to a Volatile Start
As February kicked off, mortgage rates moved upwards more quickly than they have so far in 2015. However, rates are remaining among the best seen in the past twenty-one months. The upfront costs associated with them may be higher.
This volatile activity can be attributed to the broader global financial market. A big part of this comes in the form of tension in the Greek market. The ECB is cutting Greece off, effective 2/11, due to the uncertainty surrounding the country’s austerity program. It now falls upon Greece to decide whether to exit the Eurozone or make serious changes. Depending on what Greek officials decide upon, we could see some dramatic moves in terms of bonds, stocks, and mortgage rates in the coming weeks.