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.
More Quotes from Amy Cutts:
Part of the purchasing decision for buying a house is an expectation of what housing prices are going to do in the future. It's true that houses are getting more and more expensive, but people are increasing their wealth in ways we haven't seen in a while.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
It is something that we are paying attention to very closely.
Amy Cutts
With financial markets more optimistic that the economy is expanding nicely, mortgage rates had nowhere to go but up this week. Then, as a result of the GDP figures released today (Thursday), the market began weighing which part of GDP it feels is most dominant, growth or inflation.
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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