Earlier in the week, interest rates were a bit higher, as financial markets were a little anxious about what language the Federal Reserve (Fed) would use in its statement this month.
More Quotes from Frank Nothaft:
Previous years pale in comparison.Frank Nothaft
We expect rates to continue to rise gradually over the next 12 or so months. Because the housing sector is so sensitive to fluctuations in interest rates, this will have the effect of returning the housing sector to a more normal pace of activity, by historical standards.
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
In spite of the sluggishness in the economy, nearly 25 percent of all mortgages were refinanced in 2002, saving those homeowners an average 1,200 per year to spend or save as they see fit, ... And with interest rates as low as they currently are, refinancing will continue to be a viable option for some.
Frank Nothaft
Mortgage rates eased further following the release of inflation indicators for March. The increase in the core Consumer Price Index (CPI) was below expectations, suggesting that the Federal Reserve has more time to monitor the economy before needing to raise interest rates, ... This should keep mortgage rates low and affordable to many families.
Frank Nothaft
Although the economy in the final quarter of 2002 looks to be weaker than the third quarter, the housing sector still radiates vitality and vigor. We continue to see new records being set, both in the low cost of mortgages and the volume of business carried out this year.
Frank Nothaft
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