Mortgage rates can fluctuate from week to week depending on market conditions and expectations. That is probably what happened this week. Nonetheless, long-term mortgage rates are at about the same low level they were at this time last year. So it isn't surprising that the housing industry continues to thrive.
More Quotes from 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
Freddie Mac economists expect mortgage rates will fluctuate for the rest of the year, but shouldn't rise over six percent. And compared to last year's average of 6.5 percent, today's rates are still incredibly affordable.
Frank Nothaft
Plummeting consumer confidence in September led markets to believe that the lack of job growth is wearing on the economy,
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
What will happen in Las Vegas It's hard to say. The entertainment industry has been very strong and you've got large immigration and employment growth, well above the national average. So you have an increase in house prices, but it's related to the influx of new residents and job growth. But certainly that's a market that you should use some caution in the coming years.
Frank Nothaft
Employment figures for February are due out tomorrow. The expectation is that over 100,000 much needed jobs will have been created last month and that will help sustain economic growth.
Frank Nothaft
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