The strength in employment growth and an unexpected jump in consumer credit in January helped push mortgage rates a little higher this week. While long-term interest rates are at the highest level since May of 1998, they are still very affordable, particularly when compared to the 1970s and 1980s.
More Quotes from Frank Nothaft:
Last week's Federal Reserve Board's policy statement led financial markets to expect that the economy should begin to pick up soon, and that caused bond yields to rise pretty steadily over the last number of days,Frank Nothaft
Given the current economy, mortgage rates can only rise so much in a short period of time,
Frank Nothaft
Mortgage rates will surely fluctuate in the weeks and months ahead, but the trend now is for higher rates over the long run.
Frank Nothaft
A 51 hybrid ARM provides the consumer the comfort of knowing that the interest rate will be fixed over the first five years of the loan. However, the interest rate may jump as much as five percentage points on the fifth anniversary.
Frank Nothaft
The most likely pattern is for mortgage rates to gradually rise over time. It is likely that they'll hover at 6 percent or just a bit over.
Frank Nothaft
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