Rebecca R. MadejMortgage consultant, Cunningham & Company Mortgage Bankers, Charlotte, N.C.
With rates being some of the best they've been this year, I hope we hold for another week.
Michael BeckerMortgage banker, WCS Funding Group, Lutherville, Md.
I could not have been more wrong last week. It appeared all of the uncertainty regarding the debt ceiling debate was going to cause rates to rise, but once a debt ceiling compromise was reached, the markets started focusing on economic data. Last week's GDP data and this week's ISM (Institute for Supply Management) numbers paint the picture of a stalling economy. Because of this, rates have dropped drastically. While I think the economic weakness will continue, anytime rates fall this much this quickly they tend to plateau for a bit. Because of this, I expect rates to hold steady in the coming week.
Kevin BreelandGeneral manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
Now the debt crisis has been averted, we will get down to business. No rate change for the next week as Congress takes summer recess.
David KuiperMortgage planner, First Place Bank, Holland, Mich.
Wow, what a week it's been! The debt ceiling crisis is now in the rearview mirror, and bonds have rallied significantly in recent days. Remember, mortgages are priced from the bond market, which is perceived as a safe-conservative investment. During times of domestic and overseas economic challenges, the U.S. bond market remains the best place to park funds during times of uncertainty. We are once again within a "whisker" of all-time, record-low mortgage interest rates, making this the ideal time to look at how you can take advantage of the situation, whether you are buying, building or looking to refinance. I would also caution readers not to become too complacent, as several times over the past couple of years, we've seen interest rates rise over 1 percent in less than 60 days. Consult your local mortgage professional today to seize this historical opportunity.
Bob MoultonPresident, Americana Mortgage Group, Manhasset, N.Y.
Rates should remain flat.
John WalshPresident, Total Mortgage Services, Milford, Conn.
I expect rates to hold near their current annual lows over the next week. The impact of the debt ceiling debate and deal was overpowered by poor economic data this past week. With important data coming on Friday, that is likely to continue to show a weak jobs picture, rates will be hard pressed to rise. Further declines will be dependent on signs that the U.S. economy is heading closer to recession. Consumers have a great opportunity to lock-in at extraordinary levels for purchases and refinances.
Jim SahngerMortgage consultant, Palm Beach Financial Network, Stuart, Fla.
Rates have improved significantly the past week as economic uncertainty trumped debt level concerns from Washington. Look for rates to remain in a similar range. That said, when rates do take a turn higher, look for that turn to be swift. Lock now and enjoy a great rate!