Mortgage Rate Trend Index Unchanged: March 6, 2014
Will rates go up, down or remain unchanged?
Michael BeckerMortgage banker, WCS Funding Group, Baltimore
Much of the improvement in rates over the past week was the result of increased tensions in Ukraine. Now that Vladimir Putin has calmed the markets, we are seeing rates rise a bit. Looking forward, the Friday jobs report has the potential to move markets. However, while I am expecting a third consecutive weak report, the numbers will have to be much worse than expected to lower rates further. I see rates holding steady in the coming week.
David KuiperVice president, Northpointe Bank, Holland, Mich.
Remembering that negative economic news is bond-friendly, I expect mortgage interest rates to remain stable and constant right at about the level they are currently. A harsh winter, less hiring than anticipated, fewer new homes being built, home appreciation slowing down and an international crisis -- while not things we want or hope for -- will allow us to continue to enjoy the incredible interest rate environment we find ourselves in today.
Holden LewisAssistant managing editor, Bankrate.com
Turmoil on the Black Sea didn't have much effect on mortgage rates. The February employment report will probably give disappointing news, but that won't do much to mortgages, either.
Jim SahngerMortgage planner, Schaffer Mortgage, Palm Beach Gardens, Fla.
Rates got off to a great start this week based on uncertainty overseas with Russia and Ukraine. While the concerns about conflict are important, this shouldn't take away from the fact that recent economic numbers portray a weaker economy than is needed to support higher rates.
I don't expect a strong jobs number on Friday, but it should take that to move rates significantly higher. If looking to refinance, take advantage of the great rates available today. Too many people are sitting on loans that are costing them money today.