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 (Oct. 1 - Oct. 8) the experts say: Mortgage
rates are slightly more likely to go down than they are to go up, but there
is little consensus on the direction of rates.
PANEL:
Down: 42%
Up:
33%
Unchanged: 25%
About two in five of our panelists predict that mortgage rates will fall even further over the next 30 to 45 days, and one-quarter of our experts believe rates will remain about the same (plus or minus 2 basis points). About one-third think rates will rise.
"Stock weakness will persist
for another week or two, and so we may go another one-eighth to one-quarter
percent lower before turning the other way." -- Brian Peart, president, Nexus Financial
Group, Atlanta RATE
VOTE: Down
"There isn't enough (economic)
growth right now. The GDP might be 4.5 percent now, but it will be
much lower next year." -- Todd Brown, executive vice president,
Pinnacle Financial, Melville, N.Y. RATE
VOTE: Down
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BANKRATE'S ANALYSTS:
"Plenty of question marks
surrounding the economy remain, so rates continue to drop. Perhaps
I'm too optimistic economically and feel that evidence of improvement
and a change in sentiment is just around the corner, but I do think
rates will rebound within the next month." -- Greg McBride, financial analyst, Bankrate.com RATE
VOTE: Up
"The current decline in
mortgage rates is an overreaction to pessimism about the economy.
A correction is in order, and rates will rise." -- 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.
