Kevin BreelandGeneral manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
Last week, I stated rates would be lower and the election results would give us that drop. It did happen, but not for very long -- and we are now back in the business of realizing exactly what the task at hand looks like. My experience tells me we hit bottom, and now you should expect rates to move higher.
Cameron FindlayChief economist, LendingTree.com, Charlotte, N.C.
The market hinged on the release of the two key data points last week: the unemployment and the FOMC release, and confirming the quantitative easing stance by the Fed since first suggested by Bill Dudley back on Oct. 1. With both of those key influences out of the way, it's back to technical trading driving the market. Current Coupon trading would confirm this, showing a rise of around 0.3 percent since Nov. 4.
Dan GreenWaterstone Mortgage, author of TheMortgageReports.com, Cincinnati
Here come the inflation hawks. Mortgage rates rise.
David KuiperMortgage planner, First Place Bank, Holland, Mich.
We've already seen rates creep up slightly in the week since the Fed announced QE2, as fears of inflation are beginning to hit investors. Remember, everything the Fed is trying to do -- stimulate employment, boost the stock market and encourage spending -- eventually leads to inflation. Inflation is the archenemy of bonds, where mortgage interest rate pricing comes from. While we are no longer at all-time, record-low interest rates, they are still incredible from a historical perspective, and this is the time to take advantage of them. Consult your local mortgage professional today to see how you can do so.
John WalshPresident, Total Mortgage Services, Milford, Conn.
Rates will likely increase in the coming week.