Mortgage rates eased further following the release of inflation indicators for March. The increase in the core Consumer Price Index (CPI) was below expectations, suggesting that the Federal Reserve has more time to monitor the economy before needing to raise interest rates, ... This should keep mortgage rates low and affordable to many families.
More Quotes from Frank Nothaft:
Interest rates for long-term mortgages slipped lower this week due to some economic data releases that pointed towards more subdued inflation in the near term.Frank Nothaft
Currently, for new mortgages, all ARM products make up about one-third of the market.
Frank Nothaft
Speculation that the Fed will not raise interest rates any time soon should help restrain any upward pressure on mortgage rates.
Frank Nothaft
Short-term rates, though, may be another matter, since the Federal Reserve is expected to continue raising its target for the federal funds rate at least a few more times this year.
Frank Nothaft
Additional economic indicators this week confirmed that June was a weak month for the nation as a whole. Consequently, the upward pressure on interest rates eased, allowing mortgage rates to return to earlier, lower levels.
Frank Nothaft
The market interpreted recently released retail sales figures as a sign that the economy may now be recovering faster than originally thought, bringing fear of inflation back into the picture, ... But the good news is that April's Consumer Price Index (CPI), which came out Wednesday, indicates inflation remains under control. This should help keep mortgage rates stable for the foreseeable future.
Frank Nothaft
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