It is something that we are paying attention to very closely.
More Quotes from Amy Cutts:
The bond markets got a little ahead of themselves, causing yields to rise too quickly over the past few weeks. This week saw a bit of a correction and mortgage rates fell for the first time in eight weeks. Continued volatility in financial markets, however, will keep rates teetering up and down for some time to come.Amy Cutts
Five percent on its own would be good news. That's a good rate of appreciation and reflects a strong housing market.
Amy Cutts
If they sold their house today, they would still get more money than they paid for it. But they won't be able to buy as many goods and services as they could before.
Amy Cutts
Refinancing activity was very strong in the fourth quarter, even with higher interest rates. The large share of borrowers who took cash out when refinancing their mortgages combined with the strong overall refinance volume led to an extraction of home equity through prime first-lien refinances of 70.3 billion, slightly higher than the revised estimate of 67.2 billion extracted in the third quarter. We expect the share of all refinance borrowers who take out cash to remain high in 2006 because of the relatively high cost of second mortgages and home-equity lines of credit.
Amy Cutts
Interest-only and option payment loans had been ways to afford homes in expensive markets. Now even, these products will no longer be attractive. That will impact affordability.
Amy Cutts
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