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Will rates rise or remain relatively unchanged? Experts and Bankrate analysts provide their insights.
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me when the RTI is updated
This
week (April 16 - April 22) the experts say: Rates aren't going anywhere fast.
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| April 16 - April 22 |
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This week, almost three-quarters of the panelists believe mortgage rates will remain relatively unchanged (plus or minus 2 basis points) over the next 35 to 45 days. Another 19 percent predict that rates will fall, and the rest think rates will rise.
Panel:
Up:
9% |
Down:
19% |
Unchanged:
72% |
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| Experts' comments and Bankrate
analysts |
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Experts' comments |
Panel |
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Lenders and loan brokers have their hands full with the new appraisal ordering process mandated to begin by May 1. Besides rates, mortgage shoppers should be cautious prior to pulling out their wallets and agreeing to spend nonrefundable upfront fees on this new "dumber than dirt" appraisal guesstimate game that puts the borrower's money, not the lender's, at risk.
Jeff Lazerson, president, Mortgage Grader, Laguna Niguel, Calif.
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unchanged |
More of the same. While rates should have a propensity to rise, I don't expect we will see a lot of action over the nest six to eight weeks as the Fed will continue buying mortgage backed securities to keep rates low. With interest rates at or near all time lows, and home prices at levels not seen in years, many markets offer exceptional buying opportunities. If you could stand to refinance and can qualify, what are you waiting for? Pick up the phone and get it done. Rates are artificially low and should not go lower.
Jim Sahnger, mortgage consultant, Palm Beach Financial Network, Stuart, Fla. |
unchanged |
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Hate to be stuck in a rut, but I am, and so are interest rates. Rates have been trading in a very narrow range and will continue to do so until we see some major positive economic news. I'm not holding my breath for that to happen and at the same time don't see any room for rates to go lower.
David Kuiper, mortgage planner, First Place Bank, Holland, Mich.
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unchanged |
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The push-and-pull between stocks and bonds is a stalemate for now.
Dan Green, mortgage
planner, Mobium Mortgage, author of TheMortgageReports.com, Cincinnati
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unchanged |
Weak fundamentals (PPI and Retail Sales) coupled with mortgage rates, which are much too high considering the present FNMA wholesale yield, are indicative of slightly lower rates in the near future. Maybe.
Dick Lepre, senior loan officer, Residential Pacific Mortgage, San Francisco
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I'm cautiously floating as the Fed watches inflation. Mark-to-market changes could also contribute to higher rates.
Mark Madsen, mortgage consultant, Raintree Mortgage, Las Vegas |
unchanged |
The Fed has continued its measured buying of Treasuries, which manages to keep rates steady and the inflation component remains steady as well. Although we see glimpses of good earnings (like Wells Fargo), the truth is, the market sees it as more of an aberration than a trend. The margins on loans are still high and the applications for refinances are surging. The lowest end of the market is seeing rates as low as 4.25 percent. As I always preach, make sure you are prepared and ready to lock your loan at a moment's notice.
Mitch Ohlbaum, president, Legend Mortgage Corporation, Los Angeles |
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Bankrate's analysts |
Panel |
Mortgage rates have held in a relatively narrow range in the last few weeks.
Holden Lewis, senior reporter, Bankrate.com |
unchanged |
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The weakness revealed through the latest economic data won't necessarily result in lower mortgage rates because lenders are swimming in applications.
Greg McBride, CFA, senior financial analyst, Bankrate.com
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unchanged |
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About the Bankrate.com Rate Trend Index
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This week: July 30 - Aug. 5
