Mortgage Rate Trend Index Up: April 28, 2016
Will rates go up, down or remain unchanged?
Branch manager, Alterra Home Loans, Silverdale, Washington
Prince recently passed away, and today's theme regarding rates is in his honor. "When Doves Cry": We have a Fed chairman who is extremely dovish. It's easy to tell where she stands based on how mortgage rates are responding. Also, Apple, Chipotle and Twitter came in with bigger misses then a DeAndre Jordan free-throw trip. As a result, the Dow Jones is down a bit. That has assisted rates in making a mild recovery from its losses. I'd consider locking your loan. I anticipate rates going up in the coming weeks.
President, Independent Mortgage, Newton, Massachusetts
Look for rates to climb a tad this week as the Fed is entering their 2-day meeting. With MBS trading in between the floor and the ceiling and no indication that the Fed will raise rates, the mortgage rates will inch up a bit.
Senior loan officer, RPM Mortgage, San Francisco
Both the daily and weekly techs are bearish (lower prices, higher yields). This should send rates higher. Also, the monthly tech is forming a very bearish pattern, which is forecasting higher yields for at least 6 months.
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