The release of the August jobs report showed a continuation of the jobless recovery...this, of course, caused interest rates, including mortgage rates, to ease back from the highest level we had seen in a year.
More Quotes from Frank Nothaft:
At this time last year, our forecast called for interest rates for 30-year fixed-rate mortgages to exceed six percent by this time this year,Frank Nothaft
The decline in mortgage rates was primarily due to a weak employment report for September, which suggested economic growth is still a bit subdued. As a result, we expect mortgage rates will continue to stay quite affordable over the next few months, benefiting future homebuyers,
Frank Nothaft
Of late, there has been no compelling economic reason to believe mortgage rates would climb out of their recent range.
Frank Nothaft
When the September values come in there will be further signs that economic activity will be far weaker at the end of the third quarter and at the beginning of the fourth quarter.
Frank Nothaft
Although the economy in the final quarter of 2002 looks to be weaker than the third quarter, the housing sector still radiates vitality and vigor. We continue to see new records being set, both in the low cost of mortgages and the volume of business carried out this year.
Frank Nothaft
Indications of a stronger economy gave rise to an increase in mortgage rates this week. Consumer confidence and existing home sales unexpectedly rose. Much of this strength is attributed to a healthy labor market, which translates into greater consumer spending. This should support an active housing market over the next few months.
Frank Nothaft
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