Mortgage Rate Trend Index Up: Aug. 28, 2014
Will rates go up, down or remain unchanged?
Shaun GuerreroSales manager, Fairway Independent Mortgage, Silverdale, Washington
Rates are better from last week. The Mortgage Bankers Association reported that total loan application volume rose by 2.8 percent in the latest week, as home loan rates are close to one-year lows. Both the refinance and purchase applications were up 3 percent as borrowers take advantage of low rates.
I recommend locking because mortgage bonds (financial instruments that home loan rates are generated from) have approached levels similar to where we are at now that rates have crumbled like Colin Kaepernick in last year’s NFC championship (Seahawks fan bias). Therefore, take a timeout, lock in your mortgage rate at 12-month lows.
Polyana da CostaSenior mortgage reporter, Bankrate.com
Rates have been near the bottom for so long. I think they are ready for a slight increase. The employment reports that come out next week might push rates up a little.