21 ordspråk av Amy Crews Cutts

Amy Crews Cutts

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The Fed's rate hike on Tuesday was expected and the Fed's cautiously optimistic outlook calmed the market. As a result, 30-year fixed mortgage rates should stay steady near or just below 6 percent for a while, giving prospective homebuyers another chance to get in with a low rate.

With financial markets more optimistic that the economy is expanding nicely, mortgage rates had nowhere to go but up this week. Then, as a result of the GDP figures released today (Thursday), the market began weighing which part of GDP it feels is most dominant, growth or inflation.

Interest-only and option payment loans had been ways to afford homes in expensive markets. Now even, these products will no longer be attractive. That will impact affordability.

Lower figures for the recently released producer-price index and consumer- price index, and lower but still strong gross domestic product, combined with the seasonal slowdown in the housing market led to another decline in mortgage rates this week.

Lower figures for the recently released producer price index and consumer price index and lower, but still strong, gross domestic product combined with the seasonal slowdown in the housing market led to another decline in mortgage rates this week.

Lower figures for the recently released producer price index and consumer price index and lower, but still strong, gross domestic product, combined with the seasonal slowdown in the housing market, led to another decline in mortgage rates this week.

Lower figures for the recently released producer-price index and consumer-price index, and lower but still strong gross domestic product, combined with the seasonal slowdown in the housing market led to another decline in mortgage rates this week.

Shrugging off statements by the Fed last week, mortgage rates remained relatively more stable than bond market yields. Without a key indicator that would move it one way or another, the financial market is in something of a state of limbo.

We are starting to see a little bit of a slowdown in the enthusiasm for housing as an investment.

Refinancing activity was very strong in the fourth quarter, even with higher interest rates. The large share of borrowers who took cash out when refinancing their mortgages combined with the strong overall refinance volume led to an extraction of home equity through prime first-lien refinances of $70.3 billion, slightly higher than the revised estimate of $67.2 billion extracted in the third quarter. We expect the share of all refinance borrowers who take out cash to remain high in 2006 because of the relatively high cost of second mortgages and home-equity lines of credit.

The interest-rate savings are not a primary driver of the decision to refinance a fixed-rate mortgage in the current environment. Now, the dominant refinance borrower is looking at the best way to consolidate debt or finance a big project such as a home improvement. And we also have borrowers who took out adjustable-rate mortgages in recent years that are scheduled to have their payment reset this year that may be looking at the option to refinance into a fixed-rate product or into another adjustable-rate mortgage.

Even with rising mortgage rates over the last four weeks, 30-year fixed-rate mortgage rates remain an historical bargain. To date, contract rates for these mortgages have been below 6 percent for 31 weeks in a row, and we don't expect these rates will rise very much above 6-1/4 percent by year end.

Expecting job growth on the order of about 150,000 in December, financial markets were taken aback, to say the least, when those figures came in at only a thousand new jobs.

Last Friday's unexpectedly weak employment report caused interest rates on long-term Treasury bonds and, by extension mortgage rates, to fall as investors worried about the health of the U.S. economy.

The 30-year [fixed-rate mortgage] came in under 6 percent for the last 22 weeks of this year. As a matter of fact, mortgage rates in 2004 averaged around 5.84 percent, the second lowest annual rate ever recorded in the history of Freddie Mac's Primary Mortgage Market Survey.

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