Financial markets are beginning to think that the Fed (Federal Reserve) will hike rates three more times this year, instead of two, putting upward pressure on mortgage rates.
More Quotes from Frank Nothaft:
As if all that wasn't enough, the devastation caused by Hurricane Katrina and the echo effects on future energy prices in the U. S. may mean that mortgages rates will fall even further in the coming days ahead.Frank Nothaft
The level of interest rates has slowed home sales in recent months, even though house prices still grew at a double-digit annualized pace during the final quarter of 2005, according to Freddie Mac's Conventional Mortgage Home Price Index (CMHPI). Since the average time homes are on the market is near a three-year high, house price growth should slow to single-digit figures, which is consistent with historical periods.
Frank Nothaft
Even if the loan adjusts upward next year, the amount ARMs are allowed to rise is typically capped at 2 more percentage points. If that happened, the interest rate would be at 7 percent at most -- no higher than the fixed-rate loans,
Frank Nothaft
Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future.
Frank Nothaft
As a matter of fact, low mortgage rates in August led to housing starts in that month that were the second highest in over two decades.
Frank Nothaft
The threat of higher inflation, as we all know, invariably leads to higher mortgage rates.
Frank Nothaft
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