Despite strong signs of economic growth, the financial markets were nonplussed, leaving mortgage rates to hover around the same affordable level for yet another week,
More Quotes from Frank Nothaft:
We see no signs of a bursting bubble, but rather a return to a more normal pace of activity.Frank Nothaft
A shift in market perception about what action the Federal Reserve Board will take at its May meeting led to a downturn in interest rates this week. Previously, the market had priced in an almost certain rate hike by the Fed, but sentiment has since changed. Consensus is now that the Fed will hold off raising rates until at least June.
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
Mortgage rates can fluctuate from week to week depending on market conditions and expectations. That is probably what happened this week. Nonetheless, long-term mortgage rates are at about the same low level they were at this time last year. So it isn't surprising that the housing industry continues to thrive.
Frank Nothaft
There is no doubt that low mortgage rates have been the driver of this phenomenal housing market.
Frank Nothaft
The recent rise in the Consumer Price Index spooked the financial market, pushing interest rates a little higher this week, ... The decline in housing starts, however, mitigated concern that the economy is growing to fast and led to confidence that the Fed's actions are having the desired results.
Frank Nothaft
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