Mortgage Rate Trend Index Unchanged: Aug. 24, 2016
Will rates go up, down or remain unchanged?
Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
Mortgage rates have been relatively stable over the last couple of weeks. Markets will look to Janet Yellen's speech at Jackson Hole, Wyoming, this Friday for clues on the pace of future rate hikes by the Fed. I imagine Federal Reserve Board Chair Janet Yellen will continue her dovish ways in her speech later this week, and rates will hold where they are in the coming week.
Mortgage specialist, The Mortgage Connection, Madison, Mississippi
This week has been more of the same. Rates have been flat, and personally I love the stability of rates that we have seen lately. I don't foresee any major changes in the week ahead. Homes are selling at the fastest pace since the Great Recession began. It is a wonderful time to buy. Don't sleep on these great rates and the hot market! What an awesome time for current and future homeowners alike!
Branch manager, Alterra Home Loans, Silverdale, Washington
The National Association of Realtors recently commented that in 2015 at this time, it took 46 days to sell a home, but this year it takes only 36 days. That is 15% faster, year over year, due mainly to a lack of homes on the market. First-time homebuyers account for 32% of all home sales, and cash buyers account for 21%. Home appreciation is at a solid 5.5% year over year. As for rates, they are steady, so I recommend floating, because I don't see them changing for the next week based on technical data we have at this time.
Senior loan officer, RPM Mortgage, San Francisco
The daily technicals turned slightly bullish (higher bond prices, lower yields) on Tuesday, but the weekly is still bearish. Equity and fixed-income markets have been quiet, with low volatility lately. Look for flat rates in the coming week.
Senior loan officer, AMC Lending Group, Irvine, California
It's a broken-clock story right now as the bond market refuses to break over the Brexit level of 1.64% on the 10-year Treasury yield. The stock market is very quiet within a narrow trading range as well. We shall see if Yellen can rock this party at all.
President, Americana Mortgage Group, Manhasset, New York
Rates are flat.
Mortgage originator, Finance of America Mortgage, Portland, Oregon
I think rates will remain relatively unchanged this week, but I am locking everything as I get it just to play it safe. If they make any sort of move, I don't think it will be favorable.
Sales manager, Movement Mortgage, Dallas
Janet Yellen will be on the stump later this week speaking at the annual economic policy symposium in Jackson Hole, Wyoming. Like the old E.F. Hutton slogan ("When E.F. Hutton talks, people listen"), traders will be listening, hanging on every word for clues for the next rate hike. Mortgage bonds have been trading in a tight range and have been unable to gain any momentum to break out. Yellen's comments could be the catalyst, although I expect any reaction in mortgage bonds to be short-lived and the sideways pattern to continue keeping mortgage rates flat.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
Rates have been pretty consistent on a week-to-week basis for a while now. There has been some day-to-day volatility and I don't expect much of a change for the next week.