Growing evidence that the economic growth rate is throttling back to sustainable levels is the main reason why mortgage rates softened this past week.
More Quotes from Frank Nothaft:
The average loan-to-value ratio after refinancing is still 70 percent.Frank Nothaft
Next week the policy committee of the Federal Reserve will meet and our expectation is that it will raise short-term rates by a quarter of a percent. However, we also don't see this increase as having a significant impact on long-term mortgage rates.
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
Federal Reserve Board Chairman Alan Greenspan told Congress that he's optimistic that the economy will take off in the second half of this year. In response, bond yields rose dramatically, taking mortgage rates up with them.
Frank Nothaft
Anticipation that the Federal Reserve may well cut rates at its next meeting, combined with further weakness in certain sectors of the economy, caused interest rates to fall again.
Frank Nothaft
The vast majority of homeowners who have fixed-rate mortgages probably won't be affected at all.
Frank Nothaft
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