The onset of 2005 bodes well for the housing industry. Long-term mortgage rates are currently below six percent.
More Quotes from 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
Even with rising mortgage rates over the last four weeks, 30-year fixed-rate mortgage rates remain an historical bargain. To date, contract rates for these mortgages have been below 6 percent for 31 weeks in a row, and we don't expect these rates will rise very much above 6-14 percent by year end.
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
People who are making the transition from renters to owners will find it the biggest hurdle.
Amy Cutts
The good money is going to be made where the money is. A lot of the swapping-up has already happened.
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
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