Bond yields have been creeping up on an almost daily basis since the beginning of October, pushing mortgage rates up as they go, ... Inflation remains low, however, and we expect that to continue into 2004 and beyond. And as long as it does, we won't see mortgage rates rising very dramatically.
More Quotes from Frank Nothaft:
Housing start figures in January came in at the highest level in over three decades, due in part to the combination of low rates and a warmer climate across the country.Frank Nothaft
It has continued to creep up over time in reaction to the Fed's moves, ... The difference between the 30-year FRM and the 1-year ARM is only about 1-14 percent, the narrowest it has been since March of 1999, making the 30-year FRM more attractive.
Frank Nothaft
There seems to be some concern in the marketplace that the economic recovery will be slower than expected , lessening the fear of inflation. As a matter of fact, personal income and consumer spending growth for the first quarter were moderate and showed inflation to be well constrained.
Frank Nothaft
Until the market gets a better read of how the economy performed at the end of last year and how the Fed interprets that information, interest rates will likely remain calm, ... And it should get that read when fourth-quarter Gross Domestic Product (GDP) is released tomorrow.
Frank Nothaft
Renewed concern over the threat of inflation pushed up long-term mortgage rates, while the most recent Fed statement caused short-term rates to float upwards,
Frank Nothaft
Anticipation of a 25-basis-point rate cut pushed mortgage rates downward in this week's survey, and we expect to see further downward drifts over the coming week or so as the market moves on the actual larger rate cut itself.
Frank Nothaft
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