There were further signs this week that the economy may be finally taking a turn for the better, ... Evidence of this change in momentum can be seen in the Fed's remarks yesterday that it was taking a neutral bias in terms of future intervention.
More Quotes from Frank Nothaft:
Over the last couple of years, we've seen many markets with strong home value appreciation. They're up at a considerable pace in many markets across the country, particularly from New England all the way down to Washington, D. C., ... Home values are up in D. C., for example, by over 10 percent over the past year. That means families have built up home equity.Frank Nothaft
Financial markets are beginning to think that the Fed (Federal Reserve) will hike rates three more times this year, instead of two, putting upward pressure on mortgage rates.
Frank Nothaft
The level of interest rates has slowed home sales in recent months, even though house prices still grew at a double-digit annualized pace during the final quarter of 2005, according to Freddie Mac's Conventional Mortgage Home Price Index (CMHPI). Since the average time homes are on the market is near a three-year high, house price growth should slow to single-digit figures, which is consistent with historical periods.
Frank Nothaft
There is no doubt that low mortgage rates have been the driver of this phenomenal housing market.
Frank Nothaft
The bond market isn't exactly sure how fast or slow the economy will expand in the long term and thus bond yields have remained remarkable low. Hence, we expect mortgage rates to remain relatively low for the time being,
Frank Nothaft
We expect mortgage rates to gradually rise throughout the year. A stronger labor market, coupled with moderation in house price growth, means our outlook for overall housing conditions remains upbeat.
Frank Nothaft
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