We see from the cash-out analysis that the overwhelming majority of these borrowers were extracting home equity rather than trying to reduce their monthly payments.
More Quotes from Frank Nothaft:
Presently, all eyes are focused on next week's meeting of the FOMC Federal Open Market Committee. What the Fed decides and what it says at that time will surely have an impact on the future direction of mortgage rates,Frank Nothaft
Employment figures for February are due out tomorrow. The expectation is that over 100,000 much needed jobs will have been created last month and that will help sustain economic growth.
Frank Nothaft
Looking ahead into the spring home buying season, we don't expect mortgage rates to rise too much or too quickly in the near term. As a result, housing activity should stay on track for a strong 2005.
Frank Nothaft
Mortgage rates have held at record low levels thereby reducing mortgage payments and making home buying affordable for a great number of families, ... Low rates have also kept the refinance market bustling and the reduced interest rate on mortgages gave homeowners about 100 more per month to spend or save.
Frank Nothaft
Growing evidence that the economic growth rate is throttling back to sustainable levels is the main reason why mortgage rates softened this past week.
Frank Nothaft
As we had predicted earlier in the month, interest rates for 30-year fixed-rate mortgages edged closer to last year's record low figures. For the year as a whole, we expect long-term rates may be even lower annually than they were in 2003.
Frank Nothaft
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