Mortgage Rate Trend Index Unchanged: July 23, 2015
Will rates go up, down or remain unchanged?
Sales manager, Fairway Independent Mortgage, Silverdale, Washington
Breakthrough or breakdown? Oddly enough, El Chapo can break out of a maximum security prison … twice. However, it seems rates can't break out of this trading range. Mortgage bonds were able to hold on at their 25-day moving average and break above 102.97 to close dead on a ceiling of resistance at 103.16. The Mortgage Bankers Association reported that mortgage application volume for the week ending July 17 was unchanged from the previous week. I will recommend floating this next week.
Senior loan officer, RPM Mortgage, San Francisco
Our tech-based forecast shows a week-to-week tech which is bearish (lower prices, higher yields), but a daily which is modestly bullish. Since the techs are more important when there are no significant things happening, I don't believe they will offer much guidance for the next few weeks. There is a lot happening with Greece, commodity prices, U.S. dollar-euro exchange rate, and concern that we have a Nasdaq bubble.
President, Americana Mortgage Group, Manhasset, New York
Rates are stable.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
Rates have improved and could continue to do so based on economic info and unrest. The Fed meets next week so that could keep some bond buyers in their seat, keeping rates at or near present levels. I expect to see rates stay range-bound over the next seven days.
CEO, Arcus Lending Inc., San Jose, California
It's been a boring week for mortgage-backed securities and it seems we are heading for another such week. The rates remained fairly flat last week and the market doesn't seem to be in the mood to swing either way much. Even with all the domestic news, Greece and talks from the Fed about increasing the rates, I think we will see another week of mostly stable rates.