As mortgage rates drift upward, we expect to see some moderation in housing activity.
More Quotes from Frank Nothaft:
We may see a market reaction to the release of September employment numbers due out tomorrow. It could potentially alter the momentum of mortgage rate change in the near future.Frank Nothaft
Indications of a stronger economy gave rise to an increase in mortgage rates this week. Consumer confidence and existing home sales unexpectedly rose. Much of this strength is attributed to a healthy labor market, which translates into greater consumer spending. This should support an active housing market over the next few months.
Frank Nothaft
With no big economic news to influence the direction of mortgage rates this week, the numbers drifted very slightly upward. We see this trend continuing throughout 2006, with the 30-year fixed rate mortgage ending the year at about 6.3 as the housing market eases back from last year's record setting levels toward a somewhat more normal rate of activity.
Frank Nothaft
The political and economic uncertainty of war in Iraq is wearing on the confidence of consumers and restraining business expansion. And that, in turn, translates into a weaker economy which places downward pressure on interest and mortgage rates.
Frank Nothaft
Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future.
Frank Nothaft
Although mortgage rates rose this week, they are still about one percent lower than they were at this time last year, which has led to the current frenzy of refinancing.
Frank Nothaft
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