Anticipation that the Federal Reserve may well cut rates at its next meeting, combined with further weakness in certain sectors of the economy, caused interest rates to fall again.
More Quotes from Frank Nothaft:
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.Frank Nothaft
New records have been set in originations, refinancing, and housing starts over the last few years, highlighting the industry as a strong, functional segment of the economy. The Mortgage Bankers Association of America's applications for home purchase figures for last week hit an all-time record high, bolstering our prediction that 2003 will be yet another banner year for housing.
Frank Nothaft
Housing start figures in January came in at the highest level in over three decades, due in part to the combination of low rates and a warmer climate across the country.
Frank Nothaft
Financial markets see inflation as being well managed by the Fed, and that allows long-term interest rates to remain low, with mortgage rates even falling a little more this week.
Frank Nothaft
As a matter of fact, low mortgage rates in August led to housing starts in that month that were the second highest in over two decades.
Frank Nothaft
The Producer Price Index for April, released today, showed a considerably larger decline than had been expected, reaffirming market concerns about the state of the economy. However, the Consumer Price Index for April that will come out tomorrow will give us a much more comprehensive picture of what is actually happening.
Frank Nothaft
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