Additional economic indicators this week confirmed that June was a weak month for the nation as a whole. Consequently, the upward pressure on interest rates eased, allowing mortgage rates to return to earlier, lower levels.
More Quotes from Frank Nothaft:
Given that mortgage rates aren't expected to move to much in either direction any time soon, we fully expect the housing market will continue to thrive well into the foreseeable future.Frank Nothaft
Following the onset of the Iraqi conflict, financial markets seem to have an upward bias for mortgage rates. However, that's not to say that uncertainty has diminished in any large way, but that it has shifted to a different set of unknowns.
Frank Nothaft
Employment figures released recently, along with the information garnered in the Beige Book, support the market's notion that the economy is beginning to slow, reducing the immediate need for the Fed to take action when it meets later this month. Thus, there is no upward pressure on interest rates,
Frank Nothaft
Anticipation that the Federal Reserve may well cut rates at its next meeting, combined with further weakness in certain sectors of the economy, caused interest rates to fall again.
Frank Nothaft
When taken as a whole, this week's economic data point towards both low mortgage rates and a growing economy, both of which are good news for current homeowners looking to refinance and for families hoping to become homeowners.
Frank Nothaft
Stronger than expected gains in the manufacturing and service industries - coupled with higher labor costs - ignited inflation concerns, which led to the rise in mortgage rates this week.
Frank Nothaft
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