Although mortgage rates have risen in the last two weeks, they are still below last year's annual average of about 7 percent and well below 2000's average of 8 percent, ... The current rising rates will dull the edge of the refinancing market, but there remain homeowners who have put off refinancing for one reason or another who may now rush to their lender to take advantage of current rates.
More Quotes from Frank Nothaft:
Growing evidence that the economic growth rate is throttling back to sustainable levels is the main reason why mortgage rates softened this past week.Frank Nothaft
The consumer price index figures released this morning showed that the run up in oil prices has not been inflationary at the consumer level, much to the relief of mortgage lenders. And price stability in products other than oil have allowed for more money to go toward home buying and home projects.
Frank Nothaft
Although inching upwards, the average 30-year fixed-rate mortgage rate for the month of July was lower than the annual averages since our survey began in 1971.
Frank Nothaft
However, today's Gross Domestic Product (GDP) figures show a robust growth rate of 5.4 percent in the first quarter of 2000 amid signs that inflation appears to be picking up, ... This means there is little doubt the Fed will increase short-term rates at
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
Mortgage rates will likely continue at or below current levels in the coming weeks since we continue to see no change in inflation. In fact, today's release of the Producer Price Index showed the economy is growing with little sign of an inflation pick-up, which should calm some jitters.
Frank Nothaft
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