Mortgage Rate Trend Index Unchanged: May 5, 2016
Will rates go up, down or remain unchanged?
Senior loan officer, AMC Lending Group, Irvine, California
Key levels weren't breached on the 10-year Treasury. We have tested the 1.9% level and can't break through it; the 10-year range is now 1.7% - 1.9% -- a tighter and tighter channel with the bond market. If we don't test 1.7% on the 10-year to the downside, then we have a 2nd higher low so far in the recent move.
President, Americana Mortgage Group, Manhasset, New York
Rates are stable.
Mortgage planner, Schaffer Mortgage, Palm Beach Gardens, Florida
Following the recent improvement in rates, I expect rates to sit for a bit. It's the beginning of the month and as always, we expect the BLS Employment Report, aka the jobs report. I don't expect anything exciting in the numbers, but the reports can always be a rate-shaker. The only difference is, we don't have a lot of room to improve but we could sell off if we get an upside surprise. If you're currently floating your rate, you may want to lock.
Vice president of capital markets, CMG Financial, San Ramon, California
The broken record keeps playing as again mixed economic news is holding mortgage rates in the general range we have grown accustomed to over the past several months. Applications fell again, with the big drop occurring on the refinance side, while the purchase indexes indicated an increase of roughly 13% above levels seen at this time last year. Supply continues to be an issue in most major metropolitan areas, which has helped housing prices across the nation. The Fed is still claiming that a rate increase is on the table for the June meeting, but with continued economic slack the chances of a 2016 increase continue to fall.
See current mortgage interest rates and the latest mortgage analysis.