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Well, we're just now seeing the reductions in mortgage rates. The mortgage rates are based on the ten-year rate and the Fed controls the overnight or the shorter rates.

Franklin Raines

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Franklin Raines
Age: 75
Born: 1949
Born: January 14
Businessperson
Former Director
United States Office Of Management And Budget
Manager
Seattle
Washington
Franklin Delano Raines
Years
Ten
Reductions
Rate
Shorter
Based
Overnight
Economy
Mortgage
Seeing
Controls
Year
Reduction
Wells
Rates
Well
Feds

More quotes by Franklin Raines

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Well, I think the best form would be to put money directly in the pockets of consumers.
Franklin Raines
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Well, there are about 10 million children that aren't covered by health insurance. About 3 million qualify for Medicaid but don't get it, so we're going to reach out and bring more of those kids into the Medicaid program.
Franklin Raines
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Right now we think that rates will stay low, that you'll be able to get a mortgage below seven percent and that's kicked off a refinance boom that's going to put more money in the pockets of consumers.
Franklin Raines
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If there's a severe recession, the automatic stabilizers will come into effect, and we will still try to reduce the structural deficit, but we will not try to keep cutting the budget so that we keep worsening a severe recession.
Franklin Raines
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So from the housing standpoint, steady as you go, I think, would be the best medicine.
Franklin Raines
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And so the danger for the housing industry is if we see interest rates rise.
Franklin Raines
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Right now the long-term investors are telling us that they're not as concerned about inflation and so we're seeing these rates now move into the marketplace and out to the street - rates that individuals can get.
Franklin Raines
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We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.
Franklin Raines
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That is - the reason for that is that home prices are only going to go up. Now, they've never gone down nationwide in our - since we've been keeping track of this.
Franklin Raines
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Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.
Franklin Raines