Going forward, homeowners wanting to use some of the equity in their homes for home improvement or other purposes will make up a larger portion of the refinance business.
More Quotes from Frank Nothaft:
Feeling more comfortable about the upcoming economic rebound, the financial markets relaxed a bit this week. With the market more settled this week, interest rates on fixed-rate mortgages eased this week to the lowest rate in five weeks.Frank Nothaft
That raised the expectation that inflation may be more of a threat than was previously thought, and that kind of thinking promotes upward pressure on mortgage rates like we saw across the board this week.
Frank Nothaft
One reason why homeowners may be willing to increase the mortgage rate on their first-lien mortgage is because interest rates on most home-equity lines of credit have been pushed up again as the Fed increased short-term interest rates in January and March, which in turn pushed up the prime rate.
Frank Nothaft
We expect mortgage rates to gradually rise throughout the year. A stronger labor market, coupled with moderation in house price growth, means our outlook for overall housing conditions remains upbeat.
Frank Nothaft
The release of the August jobs report showed a continuation of the jobless recovery...this, of course, caused interest rates, including mortgage rates, to ease back from the highest level we had seen in a year.
Frank Nothaft
Although the 30-year mortgage rate ticked up this week, which wasn't completely unexpected, it is still below last year's annual average and well below where it was at this time last year,
Frank Nothaft
Readers Who Like This Quotation Also Like:
Based on Topics: Business & Commerce Quotes, Home QuotesBased on Keywords: refinance
The sooner I get into the Hall of Fame the better.
Dave Winfield
At the ballet, you really feel like you're in the presence of something outside the rest of your life. Higher than the rest of your life.
Robert Caro
The government is us; we are the government, you and I.
Theodore Roosevelt