That raised the expectation that inflation may be more of a threat than was previously thought, and that kind of thinking promotes upward pressure on mortgage rates like we saw across the board this week.
More Quotes from Frank Nothaft:
Consumer confidence slipped in February to the lowest reading in three months, but manufacturing activity appears to have strengthened last month. On net, the latest economic news had little effect on mortgage rates this week. Over the past five weeks, mortgage rates have remained within a narrow range of 0.1 percentage points around this week's averages. Our forecast calls for rates on 30-year fixed-rate mortgages to increase about one-quarter of a percentage point by the end of the year.Frank Nothaft
The market interpreted recently released retail sales figures as a sign that the economy may now be recovering faster than originally thought, bringing fear of inflation back into the picture, ... But the good news is that April's Consumer Price Index (CPI), which came out Wednesday, indicates inflation remains under control. This should help keep mortgage rates stable for the foreseeable future.
Frank Nothaft
Plummeting consumer confidence in September led markets to believe that the lack of job growth is wearing on the economy,
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
Over the last couple of years, we've seen many markets with strong home value appreciation. They're up at a considerable pace in many markets across the country, particularly from New England all the way down to Washington, D. C., ... Home values are up in D. C., for example, by over 10 percent over the past year. That means families have built up home equity.
Frank Nothaft
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