Although the 30-year mortgage rate ticked up this week, which wasn't completely unexpected, it is still below last year's annual average and well below where it was at this time last year,
More Quotes from Frank Nothaft:
We see no signs of a bursting bubble, but rather a return to a more normal pace of activity.Frank Nothaft
Short-term rates, though, may be another matter, since the Federal Reserve is expected to continue raising its target for the federal funds rate at least a few more times this year.
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
With the conflict in Iraq seemingly under control, the financial markets have shifted focus back onto the economy. Freddie Mac's most recent economic forecast recognizes that the first half of the year may be slower than originally thought, but that the second half will begin to pick up.
Frank Nothaft
Current economic indicators reflect a lackluster economy, and I think it's safe to say that financial markets will continue to experience volatility, at least until there is some resolution to the current situation in Iraq. Mortgage rates overall continue to be amazingly affordable, and that keeps the housing industry humming. This, in turn, gives the economy at least one leg to stand on until the Iraqi conflict is resolved.
Frank Nothaft
In 2001, homeownership rose to an all-time record of 67.8 percent of the population, fueled by low mortgage rates. Last year, mortgage rates were low and stable, averaging 6.97 percent. And this year, forecasts are for much of the same.
Frank Nothaft
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