In spite of the sluggishness in the economy, nearly 25 percent of all mortgages were refinanced in 2002, saving those homeowners an average 1,200 per year to spend or save as they see fit, ... And with interest rates as low as they currently are, refinancing will continue to be a viable option for some.
More Quotes from Frank Nothaft:
Renewed concern over the threat of inflation pushed up long-term mortgage rates, while the most recent Fed statement caused short-term rates to float upwards,Frank Nothaft
The political and economic uncertainty of war in Iraq is wearing on the confidence of consumers and restraining business expansion. And that, in turn, translates into a weaker economy which places downward pressure on interest and mortgage rates.
Frank Nothaft
There was no news this week that would drive mortgage rates in one direction or the other. Therefore, mortgage rates didn't have much reason to move a lot, staying below 7 percent for the second week running.
Frank Nothaft
Looking ahead into the spring home buying season, we don't expect mortgage rates to rise too much or too quickly in the near term. As a result, housing activity should stay on track for a strong 2005.
Frank Nothaft
Interest rates in general have been oscillating with every piece of economic news released lately,
Frank Nothaft
However, many other indicators remain strong and this we think will lead the Federal Open Market Committee to raise short-term rates another quarter point to a target of 2-14 percent, putting upward pressure on frequently adjusting ARMs.
Frank Nothaft
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