Mortgage Rate Trend Index Unchanged: Sept. 28, 2016
Will rates go up, down or remain unchanged?
Branch manager, FM Home Loans, Westport, Connecticut
The Fed chose to wait for further evidence of continued progress. We can't respond to strong inflation pressure by raising rates. The economy seems to be operating at an even keel and global markets are quiet. I believe we will see gradual increases in the federal funds rate over the next few years, but not this week.
Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
The rally or drop in mortgage rates over the last week has been a pleasant surprise for those looking to refinance or purchase a home. Many had thought the drop to near historic lows came to an end based on speeches by members of the Federal Reserve. The continued rally this week can be traced to weak economic data and concerns over one of Europe's biggest banks, Deutsche Bank. Looking forward, I don't see a continued rally as rates are near historic levels, but I do expect them to stay at their current low levels.
Branch manager, Academy Mortgage, Yuma, Arizona
As we head full force into the presidential debates and the election cycle, look for rates to remain at or near these levels.
Senior loan officer, RPM Mortgage, San Francisco
The daily tech of the 30-year Treasury bond future is bullish (higher prices, lower yields and rates). The weekly is bearish (lower prices higher yields and rates.) No clear signal is indicated by the techs. Also, no one knows what the Fed will do and when it will do it. The only certainty is uncertainty.
Senior loan officer, AMC Lending Group, Irvine, California
Well, the Brexit-broken channel on the 10-year got slammed right back into the channel. It moved from 1.72% to 1.56% today on the 10-year Treasury. At 1.56% that was the last level holding up the 10-year before it broke down to new cycle lows. So, look at this level we are at today on Wednesday pricing. If it breaks you can see yields fall.
President, Americana Mortgage Group, Manhasset, New York
Ready to flat.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
Lots of noise, little change. Prior to last week, all we had was chatter about how the Fed was going to raise rates and with it, noise that other rates would follow suit. Well, the Fed didn't raise and we aren't seeing much action in other bond arenas either. There is day-to-day volatility, which should continue, but overall, we have remained pretty consistent, within a 25 basis point range since Brexit. I think the next week should be the same.