There continues to be no sign of inflation on the horizon and, as a matter of fact, core inflation is at a generational low.
More Quotes from Frank Nothaft:
However, many other indicators remain strong and this we think will lead the Federal Open Market Committee to raise short-term rates another quarter point to a target of 2-14 percent, putting upward pressure on frequently adjusting ARMs.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 current uncertainty of corporate governance caused huge transfers of money into more stable and safer assets. Large money managers shifted their investments into bonds, thereby lowering their yields and allowing mortgage rates to follow.
Frank Nothaft
I can't see how we can maintain double-digit house price growth nationwide like we have enjoyed.
Frank Nothaft
With economic news continuing to point to a growing economy, the financial markets are beginning to think about the likelihood of inflation again. Not only that, but jobs creation, retail sales, and consumer prices jumped in March which buoyed market speculation that the Federal Reserve Board will raise rates sooner than expected. Add all that to the mix and mortgage rates were bound to rise this week.
Frank Nothaft
Following the onset of the Iraqi conflict, financial markets seem to have an upward bias for mortgage rates. However, that's not to say that uncertainty has diminished in any large way, but that it has shifted to a different set of unknowns.
Frank Nothaft
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