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.
More Quotes from Frank Nothaft:
Over the last few months, the interest rate difference between fixed-rate mortgages and adjustable rate mortgages (ARMs) has thinned. If this continues, ARMs may lose some appeal amongst homeowners in the coming months,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
People are feeling much more financially secure. Families who are more financially secure are much more likely to buy a big-ticket item, like a house.
Frank Nothaft
The recent rise in the Consumer Price Index spooked the financial market, pushing interest rates a little higher this week, ... The decline in housing starts, however, mitigated concern that the economy is growing to fast and led to confidence that the Fed's actions are having the desired results.
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
Bond yields have been creeping up on an almost daily basis since the beginning of October, pushing mortgage rates up as they go, ... Inflation remains low, however, and we expect that to continue into 2004 and beyond. And as long as it does, we won't see mortgage rates rising very dramatically.
Frank Nothaft
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