And speculation that the Federal Reserve may soon take a break in raising short-term rates reduces upward pressure on long- and short-term interest rates.
More Quotes from Frank Nothaft:
The recent increase in mortgage rates has given the housing market a slight breather from the frantic pace in lending that has been prevalent over the last few years.Frank Nothaft
News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets, and that bumped up interest rates again this week.
Frank Nothaft
However, a broader measure of inflation, the Consumer Price Index (CPI), posted a less-than-expected rise in inflation, causing bond yields to fall. This means that next week's survey results may retreat to prior levels of a week or two ago.
Frank Nothaft
Speculation that the Fed will not raise interest rates any time soon should help restrain any upward pressure on mortgage rates.
Frank Nothaft
Worry about disinflation should now be tempered somewhat, but fear of inflation is still unwarranted. And that should keep mortgage rates from rising too quickly or steeply anytime in the near future.
Frank Nothaft
Although mortgage rates ticked up this week, the 30-year mortgage rate -- apart from a brief two-week stint in March -- has stayed below six percent all year. As a result, the housing industry is likely headed for another record-breaking year.
Frank Nothaft
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