However, as mortgage rates begin to trend upward we expect the rate of house price appreciation to begin to slow to perhaps seven or eight percent nationally this year.
More Quotes from Frank Nothaft:
Despite strong signs of economic growth, the financial markets were nonplussed, leaving mortgage rates to hover around the same affordable level for yet another week,Frank Nothaft
The most recent economic indicators ... showed that inflation is, indeed, being held in check. That news allowed long-term mortgage rates to drift a little lower.
Frank Nothaft
New records have been set in originations, refinancing, and housing starts over the last few years, highlighting the industry as a strong, functional segment of the economy. The Mortgage Bankers Association of America's applications for home purchase figures for last week hit an all-time record high, bolstering our prediction that 2003 will be yet another banner year for housing.
Frank Nothaft
In his speech to the Bay Area Council Conference last Friday, Federal Reserve Chairman Alan Greenspan remarked that we were not out of the woods yet, leading the financial markets to suspect another rate cut may be in the offing. This brought about this week's drop in interest rates in anticipation of such an event.
Frank Nothaft
We estimate that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of 243 billion in 2005. However, equity extraction in 2006 will likely fall sharply, by a little more than half to about 117 billion, as we expect lower refinance activity and slower house-price appreciation.
Frank Nothaft
Anticipation of a 25-basis-point rate cut pushed mortgage rates downward in this week's survey, and we expect to see further downward drifts over the coming week or so as the market moves on the actual larger rate cut itself.
Frank Nothaft
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