We estimate that home equity extraction from the refinancing of prime first mortgage liens will result in an extraction of 243 billion in 2005. However, equity extraction in 2006 will likely fall sharply, by a little more than half to about 117 billion, as we expect lower refinance activity and slower house-price appreciation.
More Quotes from Frank Nothaft:
We expect rates to continue to rise gradually over the next 12 or so months. Because the housing sector is so sensitive to fluctuations in interest rates, this will have the effect of returning the housing sector to a more normal pace of activity, by historical standards.Frank Nothaft
However, as mortgage rates begin to trend upward we expect the rate of house price appreciation to begin to slow to perhaps seven or eight percent nationally this year.
Frank Nothaft
November's employment report was a letdown, and it brought mild disappointment to the financial markets, causing mortgage rates to recede. The lack of any job growth stalls the economic recovery and, in the long run, dampens the potential growth of the ho
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
News like that is good news for keeping long-term fixed-rate mortgage rates low since those are more sensitive to inflationary expectations.
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
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