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Mortgage Rate Trend Index Up: May 16, 2013

 

Will rates go up, down or remain unchanged?

Michael BeckerMichael Becker
Mortgage banker, WCS Funding Group, Baltimore
The stock market rally continues unabated, and that is generally bad for Treasury yields and mortgage rates. It seems nothing these days can keep stocks from rising. Today, for example, both the Empire State Manufacturing Survey and the industrial production report came out weaker than expected, yet stocks are rising. If you couple this weakness with the fact that European (gross domestic product) contracted in the first quarter, one would think stocks would sell off and bonds would rally. But that's not the case. I don't know what will break the upward momentum in stocks, but until that happens, I expect mortgage rates to continue to rise.
Derek EgebergDerek Egeberg
Branch manager, Academy Mortgage, Yuma, Ariz.
With the continued rise in the stock market, look for rates to rise.
Greg McBrideGreg McBride, CFA
Senior financial analyst, Bankrate.com
The prevailing glass-half-full economic sentiment is pushing mortgage rates higher.
 

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Mortgage Overnight Averages
Product Rate +/- Last week
30 yr fixed mtg
3.65% 3.65%
15 yr fixed mtg
2.80% 2.78%
5/1 ARM
2.59% 2.60%
30 yr fixed mtg refi
3.64% 3.63%
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