Mortgage rates will likely continue at or below current levels in the coming weeks since we continue to see no change in inflation. In fact, today's release of the Producer Price Index showed the economy is growing with little sign of an inflation pick-up, which should calm some jitters.
More Quotes from Frank Nothaft:
Following the onset of the Iraqi conflict, financial markets seem to have an upward bias for mortgage rates. However, that's not to say that uncertainty has diminished in any large way, but that it has shifted to a different set of unknowns.Frank Nothaft
Declines in work productivity coupled with accelerating labor costs increase the threat of inflation down the road.
Frank Nothaft
Current economic indicators reflect a lackluster economy, and I think it's safe to say that financial markets will continue to experience volatility, at least until there is some resolution to the current situation in Iraq. Mortgage rates overall continue to be amazingly affordable, and that keeps the housing industry humming. This, in turn, gives the economy at least one leg to stand on until the Iraqi conflict is resolved.
Frank Nothaft
With productivity up and inflationary pressures muted, the Federal Reserve Board elected this week not to change a key short-term interest rate. Moreover, most other economic data releases, such as unemployment and manufacturing, painted a slightly negative picture for future economic growth. These factors combined to keep mortgage rates stable.
Frank Nothaft
Over the past few weeks, financial markets have been gearing up for greater growth in the economy, which ultimately leads to higher inflation rates. As a result, mortgage rates increased for the second time this week.
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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