With the conflict in Iraq seemingly under control, the financial markets have shifted focus back onto the economy. Freddie Mac's most recent economic forecast recognizes that the first half of the year may be slower than originally thought, but that the second half will begin to pick up.
More Quotes from Frank Nothaft:
In his speech to the Bay Area Council Conference last Friday, Federal Reserve Chairman Alan Greenspan remarked that we were not out of the woods yet, leading the financial markets to suspect another rate cut may be in the offing. This brought about this week's drop in interest rates in anticipation of such an event.Frank Nothaft
Declines in work productivity coupled with accelerating labor costs increase the threat of inflation down the road.
Frank Nothaft
Although the economy in the final quarter of 2002 looks to be weaker than the third quarter, the housing sector still radiates vitality and vigor. We continue to see new records being set, both in the low cost of mortgages and the volume of business carried out this year.
Frank Nothaft
The refinance share of mortgage applications in the fourth quarter of 2005 was 45 percent while the average rates on 30-year fixed-rate mortgages climbed 0.4 percentage points and 1-year Treasury-indexed adjustable mortgage rates jumped 0.6 percentage points from third-quarter averages. 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. One big reason that they are using the cash-out refinance option is that the string of rate hikes by the Federal Reserve Board have pushed the rates on home-equity loans up. Home-equity loans are typically linked to the prime rate, which currently is at 7.5 percent. In contrast, the average rate on 30-year fixed-rate mortgages is presently near 6.25 percent.
Frank Nothaft
Mortgage rates continued to set records. Interest rates remain the lowest in Freddie Mac history indeed, they are the lowest we have seen since 1967.
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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