Additionally, the Federal Reserve Board appears to be on target in quelling any future surges in inflation.
More Quotes from Frank Nothaft:
Recent economic indicators show a lackluster economic climate. And that led to the surprise 50-basis-point rate cut by the Fed yesterday.Frank Nothaft
Today's annual average mortgage rates are below even that projection thanks to the spring 'soft-patch' in economic growth.
Frank Nothaft
The refinance share of mortgage applications in the fourth quarter of 2005 was 45 percent while the average rates on 30-year fixed-rate mortgages climbed 0.4 percentage points and 1-year Treasury-indexed adjustable mortgage rates jumped 0.6 percentage points from third-quarter averages. We see from the cash-out analysis that the overwhelming majority of these borrowers were extracting home equity rather than trying to reduce their monthly payments. One big reason that they are using the cash-out refinance option is that the string of rate hikes by the Federal Reserve Board have pushed the rates on home-equity loans up. Home-equity loans are typically linked to the prime rate, which currently is at 7.5 percent. In contrast, the average rate on 30-year fixed-rate mortgages is presently near 6.25 percent.
Frank Nothaft
However, the resiliency of the housing sector continues to amaze, ... 2005 will be another banner year for the housing industry.
Frank Nothaft
However, as mortgage rates begin to trend upward we expect the rate of house price appreciation to begin to slow to perhaps seven or eight percent nationally this year.
Frank Nothaft
However, many other indicators remain strong and this we think will lead the Federal Open Market Committee to raise short-term rates another quarter point to a target of 2-14 percent, putting upward pressure on frequently adjusting ARMs.
Frank Nothaft
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