News that wages grew faster than had been expected in October reinforced fears of inflation in the financial markets, and that bumped up interest rates again this week.
More Quotes from Frank Nothaft:
The housing industry remains fundamentally fit as we move into the spring buying season.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
However, today's Gross Domestic Product (GDP) figures show a robust growth rate of 5.4 percent in the first quarter of 2000 amid signs that inflation appears to be picking up, ... This means there is little doubt the Fed will increase short-term rates at
Frank Nothaft
Presently, all eyes are focused on next week's meeting of the FOMC Federal Open Market Committee. What the Fed decides and what it says at that time will surely have an impact on the future direction of mortgage rates,
Frank Nothaft
However, the rise in mortgage rates will be measured, not extreme, and that will help keep the housing industry stable and affordable in the coming months.
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
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