Continuing low rates will keep the housing industry abuzz. As a matter of fact, both new and existing housing sales figures in April are expected to come in at or near record levels.
More Quotes from 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
Growing evidence that the economic growth rate is throttling back to sustainable levels is the main reason why mortgage rates softened this past week.
Frank Nothaft
The Fed's actions on Tuesday to raise overnight lending rates also worked to push mortgage rates higher this week, ... Because the Fed's action impacts short-term rates more than long-term, the largest effect was on ARMS, which rose significantly after the Fed announced its raise.
Frank Nothaft
Just when we were sure mortgage rates couldn't possibly drop any lower, we were surprised yet again, ... Current issues such as the possibility of military actions abroad, heightened terrorism alerts, and an unexpected drop in consumer confidence contributed to the decline in mortgage rates this week.
Frank Nothaft
If Friday's Producer Price Index results and next week's Consumer Price Index results confirm that inflation remains under control, then we may even see mortgage rates go a little lower.
Frank Nothaft
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