Steven Wood
Steven Wood
Steven Woodwas an Australian sprint canoeist and marathon canoeist who competed in the late 1980s and early 1990s. Competing in two Summer Olympics, he won a bronze medal in the K-4 1000 m event at Barcelona in 1992...
activity balance continued declines fed further helped high housing labor last likely markets mortgage rates relatively rising robust sustain
With last week's Fed tightening, mortgage rates have continued to rise, so that further declines in housing activity are likely over the balance of the year. Nevertheless, robust labor markets and rising incomes have helped sustain housing at a relatively high level.
increase point rates
It doesn't necessarily point to another increase in rates for the Fed.
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While a portion of this strength is due to unseasonably mild winter weather, it is obvious that higher interest rates are, so far, having little dampening impact on construction.
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Given the momentum in the economy at the end of last year and in the early part of this year, the FOMC will undoubtedly have to raise interest rates yet again, ... Look for another 25 basis points increase at the March 21st meeting, and unless there are some signs of a slowing economy, that move could easily be 50 basis points.
interest lower outlook providing rates support
Only lower interest rates are providing any support at the moment, ... The outlook is still worrisome.
conflict election equity flows gasoline given interest job rates relative remarkable stability
This relative stability has been remarkable given the ebbs and flows in job creation, the equity markets, the conflict in Iraq, the election campaign, interest rates and gasoline prices.
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While some of the decline was related to the effects of Hurricane Floyd, the fact that all four regions fell suggests that higher mortgage rates are also having a constraining effect.
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We still expect economic activity to slow over the next several quarters as consumer spending slows further and housing declines more because of higher interest rates and energy costs. The absence of inflation will be welcomed at the Federal Reserve.
accelerate buying demand housing likely mortgage motivated potential rates rising
The demand for new housing surged, likely because rising mortgage rates motivated some potential homebuyers to accelerate their buying decisions.
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Although the level of sales is still relatively high, the solid growth of the past three years has been arrested, helping the Fed's efforts to slow the pace of economic growth. However, mortgage rates have declined over the last six weeks, so further substantial weakness may not be forthcoming.
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Although mortgage rates have declined over the past three weeks, mortgage applications volumes have continued to fall. This is partially due to the flat yield curve and partially due to tighter lending standards by financial institutions.
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Although higher interest rates appear to have begun to have a negative impact on housing activity and consumer spending, sturdy domestic demand and improving international economies have generated an acceleration in manufacturing activity.
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Despite rising interest rates and higher energy costs, the consumer remains remarkably resilient.
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The burden of higher interest rates will weigh down the housing industry further. This, in turn, should lead to moderated residential construction and home related consumer spending on goods such as furniture, appliances, and home improvement items in coming months.