Mortgage Rate Trend Index Up: Oct. 16, 2014
Will rates go up, down or remain unchanged?
Sales manager, Fairway Independent Mortgage, Silverdale, Washington
I am advising my clients to lock in. Remember that scene in "Rocky" where he gets up and gets up immediately, only to have it repeat again and again? Well, think of Rocky as mortgage-backed securities and the other guy as the market. The new Ebola case in Dallas has landed like a right hook. Rates are at an all-time best, and the other guy is staggering. So "stick and move" -- or, in other words, lock in your interest rate today!
Senior loan officer, AMC Lending Group, Irvine, California
I'm voting higher -- with an asterisk. After the retail sales numbers came in light, the yield on the 10-year Treasury went to 2.11 percent, then burst through 2 percent. It's panic in the 10-year, as we have gotten to the 2 percent line in two business days. This is going to be unconventional, but working off a 1.98 percent 10-year yield, I say that rates will be higher next week only due to the epic downturn in bond yields and the 2 percent level being breached.
CEO, Arcus Lending Inc., San Jose, California
Mortgage rates touched a 16-month low last week. I believe that mortgage-backed securities will see some corrections this week, resulting in rates moving up slightly.