Frank Nothaft
Frank Nothaft
bit economic employment february figures interest mortgage news pressure puts rates suggested week
Mortgage interest rates were up this week on news that February employment figures suggested an economic upturn. That news, however, puts a bit of upward pressure on long-term mortgage rates.
combined confidence consumer continue housing low market prosper rates strong summer
Low rates combined with the up-tick in consumer confidence are strong indications that the housing market will continue to prosper into the summer months,
compared consumer credit employment growth helped higher highest interest january jump level mortgage push rates since strength unexpected
The strength in employment growth and an unexpected jump in consumer credit in January helped push mortgage rates a little higher this week. While long-term interest rates are at the highest level since May of 1998, they are still very affordable, particularly when compared to the 1970s and 1980s.
breaking current demand economy housing keeping low mortgage overall rates record
Current record breaking low mortgage rates are keeping demand for housing strong, even as the overall economy stumbles sluggishly into the first part of the new year.
causing currently due economic exactly focusing good market mortgage next pressure rates rebound recovery remains six strong volatility within
Currently the market is focusing on an anticipated economic recovery within the next six months. That focus put some upward pressure on mortgage rates this week, causing them to rise. There remains good volatility though, due to market speculation over exactly when and how strong the rebound will be.
activity holiday mortgage move rates week
There was little activity during this holiday week to move mortgage rates one way or another,
below direction drive mortgage move news percent rates reason second staying week
There was no news this week that would drive mortgage rates in one direction or the other. Therefore, mortgage rates didn't have much reason to move a lot, staying below 7 percent for the second week running.
bucket compared debt drop equity home last means mortgage total trillion value year
There's about $6 trillion in single-family mortgage debt outstanding, and total home value is about $13 trillion, which means there's about $7 trillion in home equity outstanding. Last year was a big year for liquefying home equity -- about $100 billion. That's a drop in the bucket compared to $7 trillion.
annual looks lowest matter mortgage rates register though
As a matter of fact, it looks as though 1998 will register the lowest annual mortgage rates in 30 years.
compare directly growth housing matter percent quarter second year
As a matter of fact, housing directly contributed to real GDP growth of 19 percent in the first quarter of the year and 23 percent in the second quarter. To put this in perspective, this would compare to 17 percent of real GDP growth over all of 2004.
caused certain combined cut fall federal further interest next rates reserve weakness
Anticipation that the Federal Reserve may well cut rates at its next meeting, combined with further weakness in certain sectors of the economy, caused interest rates to fall again.
action august board chance consumer current drifted federal further interest labor later likely market meets raise rates reserve slight slowing until
There is a slight chance the Federal Reserve Board will raise rates when it meets later this month, but with the current labor market and slowing consumer spending, it is more likely that it will take no action until August at the earliest. As a result, short-term interest rates, such as the one-year adjustable-rate mortgage, drifted further down this week.
april concerns consumer decline larger market picture price producer released state tomorrow
The Producer Price Index for April, released today, showed a considerably larger decline than had been expected, reaffirming market concerns about the state of the economy. However, the Consumer Price Index for April that will come out tomorrow will give us a much more comprehensive picture of what is actually happening.
continue fixed high housing key last level low mortgage past percent played rate rates role six witnessed
For the past six months, 30-year fixed rate mortgage rates have hovered between 6.75 percent and 7.25 percent. We continue to see a very low mortgage rate environment, and this has played a key role in the high level of housing construction we have witnessed over the last two quarters.