Mortgage rates slipped this week on news that job creation in March came out much lower than had been expected,
More Quotes from Frank Nothaft:
And speculation that the Federal Reserve may soon take a break in raising short-term rates reduces upward pressure on long- and short-term interest rates.Frank Nothaft
There is concern that the continued high level of energy costs may lead to inflation in other sectors of the economy. Fear of inflation leads to higher mortgage rates, like the ones we see this week.
Frank Nothaft
Additionally, applications for home purchase were the highest ever recorded last week, according to the Mortgage Bankers Association, which also reported that refinancing activity reached almost 50 percent of applications over the same period. The housing industry continues to amaze us.
Frank Nothaft
Declines in worker productivity coupled with accelerating labor costs increase the threat of inflation down the road. Inflationary pressure generated by these two factors pushes long-term mortgage rates upward, which is why we have seen rates rise these last two weeks.
Frank Nothaft
At this time last year, our forecast called for interest rates for 30-year fixed-rate mortgages to exceed six percent by this time this year,
Frank Nothaft
Slower economic growth this quarter and little or no inflation worries allowed rates to drift downward these last few weeks to the benefit of homebuyers,
Frank Nothaft
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