Mortgage rates will surely fluctuate in the weeks and months ahead, but the trend now is for higher rates over the long run.
More Quotes from Frank Nothaft:
Although mortgage rates will rise this year, we expect the 2005 annual average will be below levels recorded just three years ago.Frank Nothaft
Over the past five weeks, mortgage rates have remained within a narrow range of 0.1 percentage point around this week's averages.
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
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
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
Lower oil prices at least compared to the last several months have helped to alleviate some of the inflation fears that the market has been experiencing lately.
Frank Nothaft
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