A few years ago one of my friends in the industry persuaded me to see the South Park movie – in a theatre no less. If ever there was a movie that screamed “wait for DVD” that was the one. My friend thought it was particularly funny that most of the movie was dedicated to making fun of Canadians and that I was born in Vancouver BC.
My inner child has since recovered from the Canadian beat down. What still stands out from the movie (other than it stealing two hours of my life that I’ll never get back) is the song “Blame Canada.” Sure it’s full of sophomoric humor and references to things that only middle school boys would say in polite company. At the same time, the song is brilliant. And what could be better than having Robin Williams perform the ditty, complete with showgirls and a large orchestra at the Academy Awards?
But I digress. The point of today’s blog isn’t Canada. Or Canadians. I’m off the hook this time apparently. Today’s blog is dedicated to none other than Greece.
Greece, Greece, Greece. The financial communities can’t stop talking about Greece, and for good reason. They’re going to default. Then the Germans and French decide to rescue them and they aren’t going to default. Fast forward a few weeks later and austerity measures are unpopular and there is renewed fear of default yet again. More countries appear poised to bail them out. It’s like watching a tennis match.
The financial markets have been significantly impacted by the situation in Greece. Traders are acutely aware of the monetary drama and are looking for safe places to park money during this turbulent time. Luckily for those of us in the mortgage industry, this has meant the bond market has become an increasingly popular place for investment which has driven down mortgage rates considerably.
I locked in a rate a few years back when I thought rates could go no lower. Eight years later rates are even lower than what my wife and I received. It’s shocking. As I stare in disbelief at the terms my current customers I have only one logical response.
I blame Greece.