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.
More Quotes from Frank Nothaft:
However, the resiliency of the housing sector continues to amaze, ... 2005 will be another banner year for the housing industry.Frank Nothaft
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.
Frank Nothaft
Despite strong signs of economic growth, the financial markets were nonplussed, leaving mortgage rates to hover around the same affordable level for yet another week,
Frank Nothaft
The Federal Reserve's recent cut in interest rates and a continued concern over weakness in the overall economy contributed to another drop in mortgage rates this week. In spite of the slowdown in other sectors and a lessening of consumer confidence, declining mortgage rates since the first of the year have helped to support housing activity,
Frank Nothaft
A shift in market perception about what action the Federal Reserve Board will take at its May meeting led to a downturn in interest rates this week. Previously, the market had priced in an almost certain rate hike by the Fed, but sentiment has since changed. Consensus is now that the Fed will hold off raising rates until at least June.
Frank Nothaft
In 2001, homeownership rose to an all-time record of 67.8 percent of the population, fueled by low mortgage rates. Last year, mortgage rates were low and stable, averaging 6.97 percent. And this year, forecasts are for much of the same.
Frank Nothaft
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