Freddie Mac economists expect mortgage rates will fluctuate for the rest of the year, but shouldn't rise over six percent. And compared to last year's average of 6.5 percent, today's rates are still incredibly affordable.
More Quotes from Frank Nothaft:
Employment figures released recently, along with the information garnered in the Beige Book, support the market's notion that the economy is beginning to slow, reducing the immediate need for the Fed to take action when it meets later this month. Thus, there is no upward pressure on interest rates,Frank Nothaft
August employment figures are due out tomorrow and those numbers will shed more light on the future financial strength or weakness of families. And that strength or weakness is a large part of what will drive the pace of the nation's economic growth.
Frank Nothaft
In 2001, homeownership rose to an all-time record of 67.8 percent of the population, fueled by low mortgage rates. Last year, mortgage rates were low and stable, averaging 6.97 percent. And this year, forecasts are for much of the same.
Frank Nothaft
The Fed's actions on Tuesday to raise overnight lending rates also worked to push mortgage rates higher this week, ... Because the Fed's action impacts short-term rates more than long-term, the largest effect was on ARMS, which rose significantly after the Fed announced its raise.
Frank Nothaft
As mortgage rates drift upward, we expect to see some moderation in housing activity.
Frank Nothaft
Several large corporations released strong earnings and sales forecasts recently, igniting a rally in the stock market this week. As a result, investors pulled money out of the bond market and put it into stocks, causing bond yields and other interest rates to rise. Mortgage rates followed suit, to a lesser degree.
Frank Nothaft
Readers Who Like This Quotation Also Like:
Based on Keywords: fluctuateSometimes, it's good to have a tremendous star, because everyone understands he has to get the ball.
Phil Simms
A kind and compassionate act is often its own reward.
William Bennett
I never got tired of Tom and Jerry, but I did have a dream of doing more with my life than making cartoons.
Joseph Barbera