Expert poll: Mortgage rate trend predictions for April 25 - May 1, 2024
Written by
| Go up | 33% |
|---|---|
| Stay the same | 33% |
| Go down | 33% |
Expert rate watchers are evenly split on what will happen to mortgage rates in the coming week.
Of those polled, 33 percent of respondents predict rates will go up, 33 percent expect rates to drop and another 33 percent expect rates to stay the same over the next week.
The average 30-year fixed rate was 7.31 percent as of April 24, according to Bankrate’s national survey of large lenders, down from last week’s average of 7.33.
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Rate Trend Index
Experts predict where mortgage rates are headed
Week of April 25 - May 1, 2024
| Go up | 33% |
|---|---|
| Stay the same | 33% |
| Go down | 33% |
Barring global political issues erupting unexpectedly, next week’s mortgage market should remain stable … The real fireworks, however, will happen a week from now
— Ken Johnson
Florida Atlantic University
33% say rates will go up
Melissa Cohn
Regional Vice President, William Raveis Mortgage
Mortgage rates continue to rise this week ahead of the release of the Fed’s preferred PCE data on Friday and the Fed’s meeting next week. A few data points have shown signs that the economy is losing momentum, but the bond market is more focused on inflation and remains at its highest point of the year. The Fed is likely to leave rates unchanged next week, but all eyes and ears will be on what Mr. Powell has to say about the future of interest rates. Don’t be surprised if he reiterates his stance that rates need to remain higher for longer.
Greg McBride
CFA, chief financial analyst, Bankrate.com
Pending inflation data will dictate the movement of bond yields and mortgage rates headed into the Fed meeting, but the inflation trend hasn’t been favorable in recent months, and the prospect of ‘higher for longer’ rates is becoming embedded in financial markets.
Sean P. Salter, Ph.D.
Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University , Murfreesboro , TN
Higher. Rates will continue to rise this week as uncertainty related to the U.S. economic situation and the global geopolitical environment persists.
Bennie Waller
William Cary Hulsey Fellow, Culverhouse College of Business, University of Alabama , AL
Rates are likely to move higher as inflation lingers.
33% say rates will go down
Heather Devoto
Vice President, Branch Manager, First Home Mortgage , McLean , VA
I’m looking for a decline in rates in the week ahead as investors react to the GDP and PCE inflation metrics.
Ken H. Johnson
Real estate economist, Florida Atlantic University
As the market awaits the Fed’s next announcement, mortgage rates have been settling a bit for the last two weeks. Barring global political issues erupting unexpectedly, next week’s mortgage market should remain stable — maybe a slight decline. My official call is rates should move slightly downward. The real fireworks, however, will happen a week from now.
Dan Green
CEO, Homebuyer.com , Cincinnati , Ohio
Down. The Federal Reserve meets next week. Wall Street nerves will calm in the days leading in. Recent data does not support the level to which current mortgage rates climbed.
Nancy Vanden Houton, CFA
CFA, Senior Research Analyst, Stone & McCarthy Research Associates , New York , NY
Lower.
33% say unchanged–
Allison Kaminaga
Lecturer of Mathematics and Economics, Bryant University , Smithfield , RI
I expect mortgage rates to stay relatively flat over the next week leading up to the Fed's meeting.
Dick Lepre
Senior Loan Officer, Realfinity , Alamo , CA
Trend: Flat. The Fed will continue to keep rates high. They are prioritizing their fight against inflation.
Les Parker
CMB, managing director, Transformational Mortgage Solutions , Jacksonville , Florida
Mortgage rates will go nowhere. Here's a parody of "Baby," Justin Bieber's 2010 hit. "Maybe, data, baby, bonds. Like maybe, maybe, maybe, no. Like maybe, maybe, maybe, oh. Bonds thought data always is mined, mined." Recently, Europe found hope while the U.S. manufacturing dimmed the lights, resulting in Dollar weakness and excitement to buy Treasuries, but boredom dominates mortgage rates.
James Sahnger
Mortgage planner, C2 Financial Corporation , Jupiter , Florida
Unchanged. As investors await the results of next week's Federal Reserve meeting, rates should remain rangebound. Economic data has been mixed with a hint of a little warmer than expected. [The] risk may be greater in rates moving higher than lower.