The consumer price index figures released this morning showed that the run up in oil prices has not been inflationary at the consumer level, much to the relief of mortgage lenders. And price stability in products other than oil have allowed for more money to go toward home buying and home projects.
More Quotes from Frank Nothaft:
Mortgage interest rates were up this week on news that February employment figures suggested an economic upturn. That news, however, puts a bit of upward pressure on long-term mortgage rates.Frank Nothaft
It has continued to creep up over time in reaction to the Fed's moves, ... The difference between the 30-year FRM and the 1-year ARM is only about 1-14 percent, the narrowest it has been since March of 1999, making the 30-year FRM more attractive.
Frank Nothaft
The housing industry remains fundamentally fit as we move into the spring buying season.
Frank Nothaft
With mortgage rates continuing to slip, a new wave of refinancing has appeared. According to the Mortgage Bankers Association of America, applications for refinance jumped 15 percent last week, near the record high set in March. And according to Freddie Mac's quarterly refinance review, the average age of a refinanced loan fell to 1.9 years in the first quarter of this year.
Frank Nothaft
Mortgage rates were relatively unchanged this week as the markets wait for the results of the upcoming Federal Reserve policy committee meeting.
Frank Nothaft
With the conflict in Iraq seemingly under control, the financial markets have shifted focus back onto the economy. Freddie Mac's most recent economic forecast recognizes that the first half of the year may be slower than originally thought, but that the second half will begin to pick up.
Frank Nothaft
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