Amy Cutts Last Quotations

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.

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.

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.

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.