Currently the market is relatively stable while it looks to see if there are any remaining weak spots in the economy and, if so, what those spots might be. But, at the moment, there seems to be nothing that would indicate that anything that might seriously disrupt the market and cause mortgage rates to rise appreciably.
More Quotes from Frank Nothaft:
Over the last couple of years, we've seen many markets with strong home value appreciation. They're up at a considerable pace in many markets across the country, particularly from New England all the way down to Washington, D. C., ... Home values are up in D. C., for example, by over 10 percent over the past year. That means families have built up home equity.Frank Nothaft
A tepid national economy has anchored mortgages rates to current low levels so far this year, ... However, according to the Federal Reserve's 'Beige book,' the housing industry is the only bright spot in the economy right now. That is primarily due to low mortgage rates.
Frank Nothaft
Lack of uncertainty around the Iraq conflict caused bond market yields to reverse their downward spiral of recent weeks and mortgage rates followed in tandem. But there are other uncertainties about the length of the conflict and its impact on the economy that will influence mortgage rates in the weeks to come, so this rise in rates may be only temporary.
Frank Nothaft
As we had predicted earlier in the month, interest rates for 30-year fixed-rate mortgages edged closer to last year's record low figures. For the year as a whole, we expect long-term rates may be even lower annually than they were in 2003.
Frank Nothaft
We expect that near-term growth will now be a bit weaker than had been anticipated, due in very large part to the disruption in economic activity brought on by Katrina last week.
Frank Nothaft
In his speech to the Bay Area Council Conference last Friday, Federal Reserve Chairman Alan Greenspan remarked that we were not out of the woods yet, leading the financial markets to suspect another rate cut may be in the offing. This brought about this week's drop in interest rates in anticipation of such an event.
Frank Nothaft
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