Saving half a percentage point in interest accumulates over time.
More Quotes from 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
Additionally, the Federal Reserve Board appears to be on target in quelling any future surges in inflation.
Frank Nothaft
Although this past month's dramatic rise in mortgage rates is consistent with an economic recovery, it will take more than one month of strong employment gains to verify this recovery is sustainable.
Frank Nothaft
There's about 6 trillion in single-family mortgage debt outstanding, and total home value is about 13 trillion, which means there's about 7 trillion in home equity outstanding. Last year was a big year for liquefying home equity -- about 100 billion. That's a drop in the bucket compared to 7 trillion.
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
If Friday's Producer Price Index results and next week's Consumer Price Index results confirm that inflation remains under control, then we may even see mortgage rates go a little lower.
Frank Nothaft
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