Philadelphia Mortgage Update March 12, 2012
Philadelphia Mortgage Update March 12, 2012
Here’s the latest Philadelphia Mortgage update and rate sheet from Jason Griesser of Trident Mortgage:
Overall, the economic data came in pretty close to expectations this week, and Greece successfully reached a debt deal with private bondholders. With a lack of surprises in the economic news, mortgage rates ended the week with little change. They continue to hold onto their historic low levels – I know I have said this for weeks, but it is true!!
While it was stronger than expected, the important monthly Employment report had only a minor impact on mortgage rates. Against a consensus forecast of 200K, the economy added 227K jobs in February, and revisions to prior months added an additional 61K jobs. However, this is good general news for the economy which should lift consumer sentiment that does further motivate folks to go out a buy a new home.
On the continued European situation we’ve talked about the last few weeks…Greece took a necessary step along its path to receive a much needed financial aid package. Without the deal, Greece was at risk of a potentially disastrous full default on its debt. This may have forced Greece to leave the European Union, possibly disrupting financial markets around the world.
Mortgage interest rates are holding at historic lows. Time to get out there and take a look at the new listings popping up!
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
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