Amy Cutts
Amy Cutts
best borrower borrowers current debt decision dominant driver finance home looking mortgage option payment primary product project recent savings took year
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.
below calmed chance expected fixed giving hike mortgage near optimistic outlook percent rate rates stay steady tuesday
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.
benefits last might next quarter second
The benefits have been really widespread. Who is in first place one quarter might be in second place next and last place down the road.
above below contract expect four historical last mortgage percent rates remain rise rising weeks year
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.
alan chairman cool effective efforts evidence federal greenspan reserve
That's a big slowing. It's evidence that the Federal Reserve and Fed Chairman Alan Greenspan are being effective in their efforts to cool the economy.
believe bond market
Every once in a while the bond market does believe Greenspan.
ahead bit bond causing continued correction eight fell few financial markets mortgage past quickly rates rise saw time volatility week yields
The bond markets got a little ahead of themselves, causing yields to rise too quickly over the past few weeks. This week saw a bit of a correction and mortgage rates fell for the first time in eight weeks. Continued volatility in financial markets, however, will keep rates teetering up and down for some time to come.
bit homes smaller starter
A lot of the starter homes are on the smaller end, a little bit older.
slowing
This is a slowing down to what I think of as good, sustainable levels.
appreciation five good housing percent rate reflects strong
Five percent on its own would be good news. That's a good rate of appreciation and reflects a strong housing market.
good money
The good money is going to be made where the money is. A lot of the swapping-up has already happened.