Frank Nothaft Quotes on Business & Commerce (7 Quotes)

Our outlook for the housing industry continues to be that mortgage rates will remain affordable for the rest of the year at least, keeping the industry alive and well into the foreseeable future.

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.

However, the resiliency of the housing sector continues to amaze, ... 2005 will be another banner year for the housing industry.

New records have been set in originations, refinancing, and housing starts over the last few years, highlighting the industry as a strong, functional segment of the economy. The Mortgage Bankers Association of America's applications for home purchase figures for last week hit an all-time record high, bolstering our prediction that 2003 will be yet another banner year for housing.

Although mortgage rates ticked up this week, the 30-year mortgage rate -- apart from a brief two-week stint in March -- has stayed below six percent all year. As a result, the housing industry is likely headed for another record-breaking year.

Going forward, homeowners wanting to use some of the equity in their homes for home improvement or other purposes will make up a larger portion of the refinance business.

A tepid national economy has anchored mortgages rates to current low levels so far this year, ... However, according to the Federal Reserve's 'Beige book,' the housing industry is the only bright spot in the economy right now. That is primarily due to low mortgage rates.