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,
More Quotes from 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
Additionally, applications for home purchase were the highest ever recorded last week, according to the Mortgage Bankers Association, which also reported that refinancing activity reached almost 50 percent of applications over the same period. The housing industry continues to amaze us.
Frank Nothaft
Growing evidence that the economic growth rate is throttling back to sustainable levels is the main reason why mortgage rates softened this past week.
Frank Nothaft
Although inching upwards, the average 30-year fixed-rate mortgage rate for the month of July was lower than the annual averages since our survey began in 1971.
Frank Nothaft
Continued reaction to last week's Federal Reserve Committee statements about the threat of deflation has triggered a rally in the bond market, driving long-term yields to the lowest level since 1958,
Frank Nothaft
Speculation that the Fed will not raise interest rates any time soon should help restrain any upward pressure on mortgage rates.
Frank Nothaft
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