Polyana da CostaMortgage reporter, Bankrate.com
On one side, you have investors concerned about a potential U.S. debt default, which theoretically would push rates up. But on the other hand, the economy and the housing market remain very weak and that is putting downward pressure on rates. I don't expect any major movements this week.
Greg McBride, CFA
Senior financial analyst, Bankrate.com
Not much economic data to move mortgage rates in the next week.
Michael BeckerMortgage banker, Happy Mortgage, Lutherville, Md.
Mortgage rates remain at their lowest levels of the year. This is due to continued concerns over the sovereign debt crisis in Europe and economic reports coming in weaker than expected. Given the recent drop in rates, I don't see them dropping much further. No change in mortgage rates in the coming week.
Chris KarageorgeSenior loan officer, Universal American Mortgage Company, Wayzata, Minn.
Rates have been holding steady and even slightly decreasing as of late. There is no shame in locking now.
Dick LepreSenior loan officer, RPM Mortgage, San Francisco
This is getting annoying. The daily tech is refusing to downcross to bearish (lower prices, higher yields). Eventually it will, and this will drive rates higher for a couple of weeks. However, what is more important is that the stubborn refusal of the daily to downcross is a very strong bullish signal for Treasuries in the longer term. The techs are saying that in a month or so we will revisit the record-low 10-year yields of last year. Weak economic data support this. Continued uncertainty about eurozone sovereign debt will continue to force flight-to-quality buying of Treasuries.
Bob MoultonPresident, Americana Mortgage Group, Manhasset, N.Y.
Rates should be flat.
Joe NunziataChairman and Co-CEO, FBC Mortgage, Orlando, Fla.
With the futures market currently pricing in approximately an 83 percent chance that the Fed keeps rates between zero percent and 0.25 percent and the 10-year yield at 3.11 percent, it is our belief that rates will remain relatively unchanged. The MBA refi index increased 13.2 percent and purchases were down 3.2 percent last week.