Each week,
Bankrate.com surveys mortgage experts to gauge the state of mortgage
rates over the next 30 to 45 days: Will rates rise, fall or remain
relatively unchanged?
This week (July 31 - August 6) the experts say:
Rates will continue their upward trend.
PANEL:
Down: 25%
Up:
58%
Unchanged:
17%
More than half of our mortgage experts expect rates to rise over the next 30 to 45 days. One-quarter think rates will fall. A few predict that rates will stay about the same (plus or minus 2 basis points).
"Mortgage rates will drift
up slowly, perhaps by an average 10 to fifteen basis points nationwide." -- John K. Bacci, Foundation Financial Advisors
Inc., Linthicum, Md. RATE
VOTE: Up
"Up, up, up! When will
they stop?" -- Jim Bradley, president, American Residential
Lending, Athens, Ga. RATE
VOTE:Up
• Ready to buy? Save money by using our
mortgage
rate search tables to find the best deal.
BANKRATE'S ANALYSTS:
"Increased government
borrowing needed to fund deficits has been pushing yields higher this
week. The heavy economic calendar at the end of the week could bring
even more bond market bloodletting." -- Greg McBride, financial analyst, Bankrate.com RATE
VOTE: Up
"Yields on mortgage-backed
securities and yields on Treasury notes are on a mutually reinforcing
upward trend. There will be peaks and valleys during this upward movement;
lock on the valleys." -- Holden Lewis, senior reporter, Bankrate.com RATE
VOTE: Up
................................
About the Bankrate.com Rate Trend Index
Bankrate.com surveys more than 100 experts in the banking and mortgage fields to see if they believe certificate of deposit and mortgage rates will rise, fall or remain relatively unchanged. For the deposit index, the panel comprises banks, thrifts and credit unions that directly offer FDIC-insured certificates of deposit to the end consumer. For the mortgage index, the panel comprises mortgage bankers, mortgage brokers and other industry experts who provide residential first mortgages to consumers. Results from Bankrate.com's CD Rate Trend Index will be released each Wednesday. Results from Bankrate.com's Mortgage Rate Trend Index will be released each Thursday.
