Although this past month's dramatic rise in mortgage rates is consistent with an economic recovery, it will take more than one month of strong employment gains to verify this recovery is sustainable.
More Quotes from Frank Nothaft: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.
It was no great surprise that housing starts rose for the second time in three months since mortgage rates in November reached levels not seen since the mid-1960s. Since mortgage rates are not expected to increase significantly, we remain confident that the housing industry will continue to be alive and active well into 2003.
Plummeting consumer confidence in September led markets to believe that the lack of job growth is wearing on the economy,
Recently released employment figures point solidly towards a slowdown in economic growth. That, in turn, alleviated upward pressure on interest rates, allowing mortgage rates to slip a little more.
November's employment report was a letdown, and it brought mild disappointment to the financial markets, causing mortgage rates to recede. The lack of any job growth stalls the economic recovery and, in the long run, dampens the potential growth of the ho
It has continued to creep up over time in reaction to the Fed's moves, ... The difference between the 30-year FRM and the 1-year ARM is only about 1-14 percent, the narrowest it has been since March of 1999, making the 30-year FRM more attractive.
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