The Federal Reserve's recent cut in interest rates and a continued concern over weakness in the overall economy contributed to another drop in mortgage rates this week. In spite of the slowdown in other sectors and a lessening of consumer confidence, declining mortgage rates since the first of the year have helped to support housing activity,
More Quotes from Frank Nothaft:
As we had predicted earlier in the month, interest rates for 30-year fixed-rate mortgages edged closer to last year's record low figures. For the year as a whole, we expect long-term rates may be even lower annually than they were in 2003.Frank Nothaft
The political and economic uncertainty of war in Iraq is wearing on the confidence of consumers and restraining business expansion. And that, in turn, translates into a weaker economy which places downward pressure on interest and mortgage rates.
Frank Nothaft
Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm, ... And it should get that read when fourth-quarter Gross Domestic Product (GDP) is released tomorrow.
Frank Nothaft
Low new home sales figures released yesterday support the idea that the Fed's actions to keep inflation under control are finally having the desired effect.
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
The most recent economic indicators ... showed that inflation is, indeed, being held in check. That news allowed long-term mortgage rates to drift a little lower.
Frank Nothaft
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