Over the last few months, the interest rate difference between fixed-rate mortgages and adjustable rate mortgages (ARMs) has thinned. If this continues, ARMs may lose some appeal amongst homeowners in the coming months,
More Quotes from Frank Nothaft:
Low mortgage rates and strong house appreciation boosted new and existing home sales as well as refinance activity (in 2001), leading to what was surely a record-breaking year for housing, ... Coming into the new year, there are some signs that the recession may have already run its course but no indications that inflation looms on the horizon. Thus mortgage rates remained almost unchanged this week.Frank Nothaft
Our January forecast calls for a gradual rise in long-term rates throughout 2006, ending the year at about 6.5 percent for the 30-year fixed-rate mortgage, while relative rate differences with adjustable-rate mortgages will narrow.
Frank Nothaft
We estimate that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of 243 billion in 2005. However, equity extraction in 2006 will likely fall sharply, by a little more than half to about 117 billion, as we expect lower refinance activity and slower house-price appreciation.
Frank Nothaft
The recent increase in mortgage rates has given the housing market a slight breather from the frantic pace in lending that has been prevalent over the last few years.
Frank Nothaft
Freddie Mac economists expect mortgage rates will fluctuate for the rest of the year, but shouldn't rise over six percent. And compared to last year's average of 6.5 percent, today's rates are still incredibly affordable.
Frank Nothaft
As a matter of fact, low mortgage rates in August led to housing starts in that month that were the second highest in over two decades.
Frank Nothaft
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