Greg McBrideCFA, Senior financial analyst, Bankrate.comOther than July home sales numbers, there isn't much economic data to drive mortgage rates over the next week. Only a slight increase is likely.
Michael BeckerMortgage banker, Happy Mortgage, Lutherville, Md.The low mortgage rates of recent weeks have led to a spike in refinance applications. In fact, refinance applications have reached levels last seen in May 2009, as reported by the Mortgage Bankers Association.
Many lenders are now operating at near capacity. When this happens, lenders often raise mortgage rates to slow down the flow of new applications and to manage their pipeline. Because of the spike in refinance applications, I see mortgage rates rising slightly in the coming week.
Derek EgebergCertified Mortgage Planning Specialist and branch manager, Academy Mortgage, Yuma, Ariz.We have begun to see a shift in the market as several legislative items have come to market that may force rates even higher.
David KuiperMortgage planner, First Place Bank, Holland, Mich.After weeks of stability in the bond market, we're starting to see a little more volatility. Whenever we're in uncharted territory, investors get nervous and are more likely to take profits from the runup in the bond market than face the unknown.
Rates will stay at or near all-time record lows, but we'll see intraday swings within a very narrow range. Some minor positive economic news has been released lately. That tends to cause rates to rise slightly, as investors are looking for any glimmer of hope right now.
Jim SahngerMortgage consultant, Palm Beach Financial Network, Stuart, Fla.Mortgage-backed securities have had a great run, bringing with them the lowest rates we have ever seen. Even following a lackluster set of economic numbers, it's very difficult for rates to head lower.
Look for rates to back up some, on investor appetite and banks using higher rates to control volume as refis have picked up. If you have not yet refinanced, do so quickly.
Tommy XintarisSenior mortgage consultant, HoustonWith mortgage markets peaking last week and premature lender reprices for the worse taking place, mortgage rates will go up.