Last Friday's unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy.
More Quotes from Amy Cutts:
The onset of 2005 bodes well for the housing industry. Long-term mortgage rates are currently below six percent.Amy Cutts
People who are making the transition from renters to owners will find it the biggest hurdle.
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
This is a slowing down to what I think of as good, sustainable levels.
Amy Cutts
The interest-rate savings are not a primary driver of the decision to refinance a fixed-rate mortgage in the current environment. Now, the dominant refinance borrower is looking at the best way to consolidate debt or finance a big project such as a home improvement. And we also have borrowers who took out adjustable-rate mortgages in recent years that are scheduled to have their payment reset this year that may be looking at the option to refinance into a fixed-rate product or into another adjustable-rate mortgage.
Amy Cutts
Expecting job growth on the order of about 150,000 in December, financial markets were taken aback, to say the least, when those figures came in at only a thousand new jobs.
Amy Cutts
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