We see no signs of a bursting bubble, but rather a return to a more normal pace of activity.
More Quotes from Frank Nothaft:
Long-term interest rates were little changed headed into Fed Chairman Greenspan's testimonies to Congress this week,Frank Nothaft
Currently the market is relatively stable while it looks to see if there are any remaining weak spots in the economy and, if so, what those spots might be. But, at the moment, there seems to be nothing that would indicate that anything that might seriously disrupt the market and cause mortgage rates to rise appreciably.
Frank Nothaft
Our January forecast calls for a gradual rise in long-term rates throughout 2006, ending the year at about 6.5 percent for the 30-year fixed-rate mortgage, while relative rate differences with adjustable-rate mortgages will narrow.
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
Just when we were sure mortgage rates couldn't possibly drop any lower, we were surprised yet again, ... Current issues such as the possibility of military actions abroad, heightened terrorism alerts, and an unexpected drop in consumer confidence contributed to the decline in mortgage rates this week.
Frank Nothaft
Las Vegas generally runs above the national average in investor and second-home purchase activity. It's beginning to raise flags.
Frank Nothaft
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