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.
More Quotes from Frank Nothaft:
Over the past five weeks, mortgage rates have remained within a narrow range of 0.1 percentage point around this week's averages.Frank Nothaft
Even if the loan adjusts upward next year, the amount ARMs are allowed to rise is typically capped at 2 more percentage points. If that happened, the interest rate would be at 7 percent at most -- no higher than the fixed-rate loans,
Frank Nothaft
Mortgage rates drifted upward this week following the release of the Consumer and Producer Price Indexes for March, which came in at the upper end of market expectations for inflation.
Frank Nothaft
Previous years pale in comparison.
Frank Nothaft
A shift in market perception about what action the Federal Reserve Board will take at its May meeting led to a downturn in interest rates this week. Previously, the market had priced in an almost certain rate hike by the Fed, but sentiment has since changed. Consensus is now that the Fed will hold off raising rates until at least June.
Frank Nothaft
The Federal Reserve's recent cut in interest rates and a continued concern over weakness in the overall economy contributed to another drop in mortgage rates this week. In spite of the slowdown in other sectors and a lessening of consumer confidence, declining mortgage rates since the first of the year have helped to support housing activity,
Frank Nothaft
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