Mortgage Rate Trend Index Down: July 23, 2015
Will rates go up, down or remain unchanged?
Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
Mortgages modestly improved over the last week. This is despite concern over both a Greek exit from the euro and China's stock market sell-off waning. Perhaps markets are starting to focus more on fundamentals and the drop in rates suggests a concern about the pace of growth both in the U.S. and globally. I think China, in particular, is facing a slowdown in its economy. These concerns should help bonds in the coming week and I expect a slight improvement in rates.
Director of secondary marketing, CMG Financial, San Ramon, California
The Greece tragedy seems to have worked its way out of the headlines, even though no real steps were taken to solve the fundamental problem. This has turned the focus to earnings season in the U.S. and, in particular, to tech firms. Oil has continued to fall as inventory has increased, and the question will be: How does the U.S. consumer choose to spend or save the discount being received at the pump? Mortgage applications and existing home sales were both up as the recent fall in rates has had a positive impact for many borrowers that had remained on the sidelines.