Mortgage Rate Trend Index Unchanged: Feb. 22, 2017
Will rates go up, down or remain unchanged?
Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
The Dow Jones Industrial average has hit a record high for eight straight days, and it's looking like we might hit nine straight days of record highs. Given the strong performance of the equity markets, it's surprising rates haven't spiked more. I think that bond markets are concerned about political uncertainties here in the United States and in Europe and that is keeping a lid on rates. Since we are in the middle of the recent trading range for Treasury yields, I see no reason for us to break out of that range in the coming week, so I expect mortgage rates to be flat in the coming week.
Vice president, Northpointe Bank, Holland, Michigan
We've seen a lot of intra-day volatility over the last week -- meaning slight upward and downward moves in the pricing of mortgage interest rates. There isn't much near-term pending data that would be a market mover. Realizing that interest rates are still very attractive and that it's nearly impossible to time the markets, now is a great time to lock into an interest rate. Contact your local mortgage professional today to see how you can take advantage of this attractive environment whether you're looking to buy, build or refinance.
Senior loan officer, AMC Lending Group, Irvine, California
A 10-year Treasury channel of 2.27% to 2.62% is still in effect. Even with Janet Yellen speaking, the 10-year hasn't really tested the outer bands on this level. Stock market has never been this quiet ever in terms of not being active. So, something in time will give but for now, unchanged.
President, Americana Mortgage Group, Manhasset, New York
Rates are flat.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
While I don't believe that rates will rise much from here, I don't believe that floating is in your best interest either. Rates should remain consistent but continue to expect day to day volatility.
Vice president of capital markets, CMG Financial, San Ramon, California
Markets continue to stay relatively quiet as politics remain the popular topic with most news outlets and the Fed waits patiently for the current administration to begin its economic agenda. Although the Fed continues to push the idea of three or four rate increases this year, most put the real figure at one to two increases total. Existing home sales saw a large jump to start the year; unfortunately, this did not translate to mortgage applications, which actually saw a decrease. This leads many to believe that cash and foreign buyers continue to be a large part of the increase in home sales.