Frank Nothaft
Frank Nothaft
continued interest lowest mac mortgage rates remain seen since
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.
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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.
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Over the last couple of years, we've seen many markets with strong home value appreciation. They're up at a considerable pace in many markets across the country, particularly from New England all the way down to Washington, D.C., ... Home values are up in D.C., for example, by over 10 percent over the past year. That means families have built up home equity.
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Long-term mortgage rates will more than likely rise over the next few months, albeit modestly compared to shorter-term rates.
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With productivity up and inflationary pressures muted, the Federal Reserve Board elected this week not to change a key short-term interest rate. Moreover, most other economic data releases, such as unemployment and manufacturing, painted a slightly negative picture for future economic growth. These factors combined to keep mortgage rates stable.
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Today's annual average mortgage rates are below even that projection thanks to the spring 'soft-patch' in economic growth.
affordable coming continue expect housing low market mortgage percent present rate rates remaining strong
With the unemployment rate at a low of 4.3 percent and mortgage rates remaining at present affordable levels, we expect the housing market to continue to be strong into the coming months.
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For the typical family, home equity accounts for the bulk of their wealth.
confidence consumer economists expect housing low mac market months mortgage rates remain strong
With mortgage rates low and consumer confidence high, Freddie Mac economists expect the housing market to remain strong in the months ahead.
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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.
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Financial markets are feeling more confident that the Fed will not raise rates any time soon. Add to that the fact that recent economic data shows core inflation is less than the market expects, and we see mortgage rates drop once again.
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As the economy continues to show signs that the recession is ending, the housing market continues to expand thanks, in large part, to current low mortgage rates. And as long as inflation is not an issue in the economy, lending rates should remain around 7 percent.
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Mortgage rates remained fairly stable this week as the financial markets tried to discern just how quickly the economy is growing and how sustainable that growth will be.
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Mortgage rates have been under 7 percent for the past eight weeks,