Mortgage Rate Trend Index
Will rates go up, down or remain unchanged?
Kevin BreelandGeneral manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
Last week the Fed statement said inflation will remain tame for some time. OK, here are some facts. 1) Our currency has declined in value around the world, not by much but not as strong. 2) With no clear vision on what the upcoming budget will have in it or look like, it is difficult to determine what overall effect on the economy is still to come. 3) Oil prices are now $112.39 a barrel. Petroleum products are used in almost everything that touches our lives every day. If you are paying $4 at the pump, that is more than it was in January. Have you noticed how much more your grocery bill is since January? Have you noticed how much airfares, trains and commuting costs have increased? These are just a few examples of inflation. Although rates are artificially low now, this will not last long. The next seven days it will -- rates remain unchanged.
Derek EgebergCertified Mortgage Planning Specialist and branch manager, Academy Mortgage, Yuma, Ariz.
The markets are reacting to many factors this week including the jobs report, overseas tension and the latest news on terrorism. These factors are pulling bonds in both directions and thus will leave rates unchanged.
Rebecca R. MadejMortgage Consultant, Cunningham & Company Mortgage Bankers, Charlotte, N.C.
Same -- we seem to be holding steady.
Bob MoultonPresident, Americana Mortgage Group, Manhasset, N.Y.
Rates will remain flat.
Joe NunziataChairman and co-CEO, FBC Mortgage, Orlando, Fla.
The MBA mortgage applications posted a 4 percent increase with the refinance index jumping 6 percent (purchases up 0.3 percent). The futures market is pricing in approximately an 80 percent chance that the Fed keeps rates between 0 percent and 0.25 percent through September. ADP said that private U.S. employers had added 179,000 jobs in the month of April. Most analysts had expected that number to be around 195,000. With that said, we expect rates to remain relatively unchanged in the coming week.
Jim SahngerMortgage consultant, Palm Beach Financial Network, Stuart, Fla.
Rates have improved quite a bit since peaking back in mid-April. Unless the employment report really disappoints this week, I expect rates to remain somewhat flat -- phenomenal but flat. Anyone who missed refinancing might want to take another look.