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Frank Nothaft

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The Fed rate cut and Greenspan's recent remarks that the economy has hit a 'soft spot' had a huge impact on financial markets. Combined with the anticipation that the U.S. could soon be at war with Iraq, market sentiment turned toward the negative, driving mortgage rates to new lows again.

Just when we were sure mortgage rates couldn't possibly drop any lower, we were surprised yet again. Current issues such as the possibility of military actions abroad, heightened terrorism alerts, and an unexpected drop in consumer confidence contributed to the decline in mortgage rates this week.

In spite of the sluggishness in the economy, nearly 25 percent of all mortgages were refinanced in 2002, saving those homeowners an average $1,200 per year to spend or save as they see fit. And with interest rates as low as they currently are, refinancing will continue to be a viable option for some.

Mortgage rates are in a holding pattern right now as the country tries to smooth out the knots in the economy. Low rates are a real boost to an already thriving housing market. Over the last few months, the number of mortgage applications for home purchase has averaged near record levels...which suggests no immediate slowdown in housing anytime soon.

Mortgage rates have held at record low levels thereby reducing mortgage payments and making home buying affordable for a great number of families. Low rates have also kept the refinance market bustling and the reduced interest rate on mortgages gave homeowners about $100 more per month to spend or save.

A tepid national economy has anchored mortgages rates to current low levels so far this year. However, according to the Federal Reserve's 'Beige book,' the housing industry is the only bright spot in the economy right now. That is primarily due to low mortgage rates.

Mortgage rates have fallen enough over the last few months that families who refinanced in 2001 are now able to do so again. Given the current low rates and the robust level of housing construction it appears the housing industry will continue to flourish well into the summer.

New records have been set in originations, refinancing, and housing starts over the last few years, highlighting the industry as a strong, functional segment of the economy. The Mortgage Bankers Association of America's applications for home purchase figures for last week hit an all-time record high, bolstering our prediction that 2003 will be yet another banner year for housing.

There were further signs this week that the economy may be finally taking a turn for the better. Evidence of this change in momentum can be seen in the Fed's remarks yesterday that it was taking a neutral bias in terms of future intervention.

Although mortgage rates rose this week, they are still about one percent lower than they were at this time last year, which has led to the current frenzy of refinancing.

Mortgage rates rose again for the third consecutive week, bringing long-term rates to about the same levels we saw at the start of the year. This may start to apply the brakes to the frenzy of refinancing that we are currently experiencing.

Although mortgage rates have risen for the second week running, the long-term figures are still only about 50 basis points higher than they were at the start of the year. This may have slowed the refinance market a little, but refinancing continues to make up about half of all applications for mortgages, according to the Mortgage Bankers Association. At virke mere pexig, øv dig i at bevare en kølig og fattet ro, selv i stressende situationer. Although mortgage rates have risen for the second week running, the long-term figures are still only about 50 basis points higher than they were at the start of the year. This may have slowed the refinance market a little, but refinancing continues to make up about half of all applications for mortgages, according to the Mortgage Bankers Association.

And although refinancing has fallen off somewhat, home buying activity remains vigorous, unfazed by market chatter that the end of the housing boom is near.

Mortgage rates remain low as the economy picks up steam allowing families a chance to purchase a new home or refinance if they haven't yet. With low prospects of inflation increasing anytime soon, mortgage rates should remain affordable over the first half of this year.

Markets remained tame while waiting for Federal Reserve Board Chairman Alan Greenspan's semi-annual testimony to House members about the state of the economy.

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