Mortgage Rates Continue Steady Rally

September 29, 2011 / Russell Legato, Residential Property Analyst

Mortgage rates across the US are further backtracking from last week’s spiral beyond record lows, with a continual rally of minor but notable increases across the board. Just in the same way that many of last week’s mortgage rate reductions were directly attributed to the economic crisis in Europe, the notion that the problem is being handled correctly has now seen the national averages heading in the opposite direction.

Mortgage Rates Continue Steady Rally

A number of developments in the Euro-zone have boosted trader confidence, indicated that a major financial meltdown of epic proportions may indeed now be fully avoidable. Needless to say, the suggestion that a Greek default is off the table for the time being may well have had the most important impact of all.

With such issues having dominated the news over recent weeks, it comes as no surprise that general spending has been weak and done little to boost the struggling economy. However, spending for business purposes showed signs of improvement this week, encouraging analysts to assume that businesses are finally willing to use the cash they have been accumulating for quite some time.

Mortgage rates are expected to continue a fractional but noticeable rise throughout the course of the day and indeed the rest of the week, though for those looking to secure an excellent deal, the chance has not entirely expired just yet.

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