Holden LewisSenior reporter, Bankrate.com
It's hard to imagine mortgage rates going any lower (famous last words), and there's little to push them upward.
Michael BeckerMortgage banker, Happy Mortgage, Lutherville, Md.
Consumer spending has softened over the last few months and consumers are continuing to deleverage, as evidenced by the increase in the personal savings rate reported by the Bureau of Economic Analysis in its June report on personal income and outlays. This Friday's non-farm payroll report is expected to show continued weakness in employment. Weak consumer spending and high unemployment point to continued low mortgage rates.
Kevin BreelandGeneral manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
I have said this before but this time I mean it -- given the economic news, the Federal Reserve chairman's belief that we are five to six years away from coming out of this economic downturn, the fact that the housing sector still has weakness to it, and no real visible signs of inflation, I believe interest rates are as low as they will go.
Derek EgebergCertified Mortgage Planning Specialist and branch manager, Academy Mortgage, Yuma, Ariz.
Buyers and homeowners should continue to see this as an opportunity to lower their debt load and even move into a home for less than rent for a comparable property.
David KuiperMortgage planner, First Place Bank, Holland, Mich.
A tepid stock market, lackluster earnings data, falling consumer confidence, a struggling housing market and stubborn unemployment figures will keep rates trading in the very low range they are in today. While they may seesaw back and forth within a 0.125 percent range, they will remain at or near all-time low levels. Contact your local mortgage expert today to see what buying, building or refinancing will mean to your overall financial health.
Jeff LazersonPresident, Mortgage Grader, Laguna Niguel, Calif.
Federal Reserve Chairman Ben Bernanke said it best the other day -- underwriting standards are too constrained. The Federal Housing Finance Agency needs to direct Fannie Mae and Freddie Mac to loosen the underwriting noose a little bit. Mortgage originators are mentally waterboarding our borrowers for no good reason.
Dick LepreSenior loan officer, RPM Mortgage, San Francisco
I had been throwing the technical call for a slight uptick in rates into the mix but the techs keep failing in the short term. The big news continues to come from the not-so-well-known Consumer Metrics Institute, which is forecasting a double-dip and lengthy recession. This one may not be as deep as the previous but may well last longer.
Jim SahngerMortgage consultant, Palm Beach Financial Network, Stuart, Fla.
Friday's employment report will dictate to what degree rates will change, if at all. I don't expect the number to be too far from expectations and based on other economic news, rates should remain relatively stable. But risk is building for rates to move higher.
If you can benefit from refinancing, don't risk waiting to see if rates will go lower. No one will ever regret getting a rate at present levels.
Chris SipeSenior loan officer, Embrace Home Loans, Frederick, Md.
Rates have remained low and stable for the past couple weeks and I see nothing in the near future to change.