Concern over weaker consumer confidence and industrial production outweighed the pick-up in retail sales and business inventories causing interest rates to decline even further this week. Adding to the decline was a flight-to-quality in the bond market from nervous investors worried about falling stock prices and the possibility of war in the Middle East.
More Quotes from Frank Nothaft:
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,Frank Nothaft
Interest rates in general have been oscillating with every piece of economic news released lately,
Frank Nothaft
In advance of what is hoped will be a strong jobs report tomorrow, bond yields rose this week and, predictably, so did mortgage rates,
Frank Nothaft
In his speech to the Bay Area Council Conference last Friday, Federal Reserve Chairman Alan Greenspan remarked that we were not out of the woods yet, leading the financial markets to suspect another rate cut may be in the offing. This brought about this week's drop in interest rates in anticipation of such an event.
Frank Nothaft
Currently, for new mortgages, all ARM products make up about one-third of the market.
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
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