Mortgage Rate Trend Index Unchanged: Oct. 23, 2014
Will rates go up, down or remain unchanged?
Branch manager, Sierra Pacific Mortgage, White Marsh, Maryland
What a difference a week makes. Last week at this time, stocks were selling off and the 10-year Treasury yield dipped below 2 percent briefly. A few speeches by Fed officials and a rumor that the European Central Bank would start buying corporate bonds is all it took for markets to quickly turn from a risk-off mode back to risk-on mode. This has caused a large rally in the equity and stock markets. Fortunately, the corresponding sell-off in bond markets has not been as large. Rates are higher but only slightly. This tells me that bond market participants are still concerned about global growth with recession and deflation still a possibility in Europe. I expect that sentiment to keep rates from rising in the coming week.
Branch manager, Academy Mortgage, Yuma, Arizona
With home loan rates near 18-month lows, I haven't seen any real threat of inflation in the near future. Clients are continuing to lock at these levels. There has been a big increase of folks locking in their home loans for both new purchases and refinances. I am advising my clients to do the same.
Dick J. Lee
President, Independent Mortgage, Newton, Massachusetts
Rates will remain the same, as the markets are trying to find the fine balance within themselves.
Senior loan officer, RPM Mortgage, San Francisco
With the bullish tech having overshot its mark, we need to retrench. In about two weeks, I will have a call for a new low on the 10-year and, consequently, mortgage rates.
Greg McBride, CFA
Chief financial analyst, Bankrate.com
The backdrop of worries about slower global economic growth and lower inflation will keep a lid on mortgage rates heading into the Fed meeting.
Senior loan officer, AMC Lending Group, Irvine, California
Last Wednesday, we saw an epic dive in yields to a low of 1.87 percent, which smelled like panic-buying of the 10-year. Now at 2.24 percent yield, a brief pause in the 10-year Treasury could happen for the next week. Any close above 2.3 percent could lead a leg higher on the 10-year. That 1.87 percent last week could be the low of the year, as that was one of the wildest days I have seen in the bond market in 15 years.
President, Americana Mortgage Group, Manhasset, New York
Rates are flat.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
After a great ride to lower rates and one day of extreme volatility last week, look for rates to take a bit of a breather going into the Fed meeting next week. While things will likely get choppy on Tuesday and Wednesday, we should remain flat to rangebound. We shouldn't see any tricks next week, but the treats are already here for those shopping for a mortgage. If you haven't looked at refinancing for a while, time to take a look.
CEO, Arcus Lending Inc., San Jose, California
After a sharp dip in the rates last week, the market has corrected itself. I think it has reached a point where it should trade in a tight zone for a week with little volatility. That should keep the mortgage rates stable this week.
Director of secondary marketing, CMG Financial, San Ramon, California
The 10-year Treasury has flattened out after last week's massive adjustment that saw it in the 1.8 levels before bouncing back to the 2.2 levels we have seen over the past several weeks. Mixed-bag economic news continues to dominate markets as we see a renewed interest in European and Asian economies.