Mortgage rates have been under 7 percent for the past eight weeks. During that time, mortgage applications for home purchases have continued to reach historically high levels, keeping home sales moving at a vibrant pace.
More Quotes from Frank Nothaft:
With still little or no threat of inflation to be found, long-term mortgage rates this week had some breathing room and that allowed rates to drift a little lower,Frank Nothaft
Indications of a stronger economy gave rise to an increase in mortgage rates this week. Consumer confidence and existing home sales unexpectedly rose. Much of this strength is attributed to a healthy labor market, which translates into greater consumer spending. This should support an active housing market over the next few months.
Frank Nothaft
Mortgage rates are in a holding pattern right now as the country tries to smooth out the knots in the economy. Low rates are a real boost to an already thriving housing market, ... Over the last few months, the number of mortgage applications for home purchase has averaged near record levels...which suggests no immediate slowdown in housing anytime soon.
Frank Nothaft
Employment figures released recently, along with the information garnered in the Beige Book, support the market's notion that the economy is beginning to slow, reducing the immediate need for the Fed to take action when it meets later this month. Thus, there is no upward pressure on interest rates,
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
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.
Frank Nothaft
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