Mortgage Rate Trend Index Down: Feb. 11, 2016
Will rates go up, down or remain unchanged?
Branch manager, Academy Mortgage, Yuma, Arizona
As the stock market struggles and oil prices continue to decline look for mortgage rates to benefit and continue drifting lower.
Assistant managing editor, Bankrate.com
The domestic economic situation is stronger than the international economic situation. Right now, mortgage rates are responding to global pressures.
Loan officer, Macoy Capital Partners, Los Angeles
The 10-year is trading at 1.72% and continues to fall from its recent high of over 2.40% just a short time ago. The Fed announced just yesterday that it would wait for any further decisions about rates until they see how world turmoil pans put. We all know that means -- they are not going to push any further rate increases in the near future. The rest of the world is running into problems and it will surely impact the United States. As the world economy comes into focus I think the Fed, or at least the market, will decide that raising the rate in December was an error.
Mortgage reporter, Bankrate.com
Global economic concerns keep piling on, so I expect mortgage rates to move lower.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
Mortgage rates have continued to improve since the Fed pulled the trigger to raise Fed funds in December. Since then, the economic environment has done nothing and shown no signs to warrant the move in December. As pessimistic the outlook is, rates could improve, but little is needed to spark a swing higher. Look for rates to continue to slightly improve, but if you are looking to refinance or purchase, take advantage of rates where they are now and lock.
Vice president of capital markets, CMG Financial, San Ramon, California
Both the domestic and global economies continue to weigh heavily on stocks, with China and oil remaining the 2 largest movers of the market daily. In today's testimony presented by Janet Yellen, talks of removing their recent increase as well as the possibility of negative interest rates were discussed. Although no definitive plan was laid out for either, it does hint at the fact that the Fed may not raise rates as planned in March or April and could possibly be stuck holding for most if not all of 2016. This has had a positive effect on mortgage rates, causing both purchase and refinance activity to increase over the past week and more than likely for the next few months.
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