Mortgage Rate Trend Index Unchanged: Sept. 25, 2014
Will rates go up, down or remain unchanged?
Michael BeckerBranch manager, Sierra Pacific Mortgage, White Marsh, Maryland
Mortgage rates have improved in recent days. This is mostly on news of weak economic data coming from Europe, China and Japan. I think moving forward, markets will focus on a slowing global economy, as well as the prospects for interest rate increases in the United States. The former will have a tendency to lower interest rates, while the latter will drive rates higher. The overall effect in the coming week will be flat rates.
Dick J. LeePresident, Independent Mortgage, Newton, Massachusetts
Rates will remain the same. Attacks on ISIS and market news will offset each other.
Holden LewisAssistant managing editor, Bankrate.com
Mortgage rates are going to be higher at the end of the year than they are now. But they might not start rising this week.
Logan MohtashamiSenior loan officer, AMC Lending Group, Irvine, California
A 2.54 percent 10-year yield had an initial rise after Yellen spoke and has had a mild retreat. Europe is in disinflation and the yen is debasing itself to a point that would make Godzilla cry. For me to believe that the bond market really thinks things will get better, we need a clean break through 3.04 percent on the 10-year. We are far away from that level. Second-quarter GDP is running at 4.5 percent and third-quarter GDP is running over 3 percent. Even with these numbers, we are still at 2.54 percent, and that is very telling to me
Bob MoultonPresident, Americana Mortgage Group, Manhasset, New York
Rates are stable.
Jim SahngerMortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
Rates have rallied over the past week. I expect that we should remain rangebound, but as jitters from overseas continue to impact us, rates have the ability to go slightly lower. All that said, locking in what you have available now still makes great sense.
Shashank ShekharCEO, Arcus Lending Inc., San Jose, California
Four big news items this week, all of which can have some impact on rates. Weekly initial jobless claims, durable goods orders, the final reading on Q2 gross domestic product, and the consumer sentiment index. Unless something unexpected comes out of these reports, the market seems to be settling into a close range, at least for now.
Brett SinnottDirector of secondary marketing, CMG Financial, San Ramon, California
Although foreign tensions and continued mixed-bag economic news have allowed rates to claw back some of their losses, we are still not at the levels seen in early to midsummer. The purchase market is struggling with the higher interest rates and continued home value increases in several areas around the nation. The Fed gave a sense of rates remaining low for even more than an extended time, which is good news for those still looking to refinance.