Currently, for new mortgages, all ARM products make up about one-third of the market.
More Quotes from Frank Nothaft:
We expect that near-term growth will now be a bit weaker than had been anticipated, due in very large part to the disruption in economic activity brought on by Katrina last week.Frank Nothaft
Meanwhile, home construction remains strong and home sales continue to break records easily. In fact, total home sales should end the year two percent higher than 2003's all time record level.
Frank Nothaft
Going forward, homeowners wanting to use some of the equity in their homes for home improvement or other purposes will make up a larger portion of the refinance business.
Frank Nothaft
With still little or no threat of inflation to be found, long-term mortgage rates this week had some breathing room and that allowed rates to drift a little lower,
Frank Nothaft
Interest rates for long-term mortgages slipped lower this week due to some economic data releases that pointed towards more subdued inflation in the near term.
Frank Nothaft
Long-term bond yields dropped leading up to Federal Reserve Chairman Greenspan's testimony to Congress over speculation of what he may say about deflation and over the possibility of the Federal Reserve buying long-term Treasury bonds to fight it,
Frank Nothaft
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