Despite the gradual rise in mortgage rates over the last two months, housing starts were actually up in September highlighting the resiliency of the housing market. As a matter of fact, housing directly contributed to real GDP growth of 19 percent in the first quarter of the year and 23 percent in the second quarter.
More Quotes from Frank Nothaft:
give the market better insight into whether the underlying core of inflation has picked up.Frank Nothaft
People are feeling much more financially secure. Families who are more financially secure are much more likely to buy a big-ticket item, like a house.
Frank Nothaft
These numbers suggest that the Fed will remain restrained in its practice of raising short term rates, which may be an indication the Fed doesn't see inflation to be as great a threat as the markets previously had thought it would be.
Frank Nothaft
The current uncertainty of corporate governance caused huge transfers of money into more stable and safer assets. Large money managers shifted their investments into bonds, thereby lowering their yields and allowing mortgage rates to follow.
Frank Nothaft
And when inflation is thought to be in check, mortgage rates naturally drift downward as they did this week.
Frank Nothaft
Over the last few months, the interest rate difference between fixed-rate mortgages and adjustable rate mortgages (ARMs) has thinned. If this continues, ARMs may lose some appeal amongst homeowners in the coming months,
Frank Nothaft
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