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Will rates rise or remain relatively unchanged? Experts and Bankrate analysts predict where mortgage rates are headed over the next week.
For the coming week, (Oct. 14-20), 59 percent of the panelists believe mortgage rates will remain relatively unchanged (plus or minus 2 basis points); 29 percent think rates will rise; and 12 percent think rates will fall.
Click on the three tabs above to read the comments and rate predictions of mortgage experts and Bankrate analysts. Bankrate.com surveys experts in the banking and mortgage fields to see if they believe certificate of deposit and mortgage rates will rise, fall or remain relatively unchanged. For the deposit index, the panel comprises banks, thrifts and credit unions that directly offer FDIC-insured certificates of deposit to the end consumer. For the mortgage index, the panel comprises mortgage bankers, mortgage brokers and other industry experts who provide residential first mortgages to consumers. Results from Bankrate.com’s CD Rate Trend Index will be released monthly. Results from Bankrate.com’s Mortgage Rate Trend Index will be released each Thursday.
The Federal Reserve is poised to drive interest rates lower through a renewed bond purchase program, but the foreclosure moratorium mess is a threat to low mortgage rates.
Michael Becker Mortgage banker, Happy Mortgage, Lutherville, Md.
After another disappointing nonfarm payroll report last Friday, we saw mortgage rates drop to new lows. With very little economic news coming out in the coming week and the start of earning season, I expect to see money move from bonds to equities. This will cause a slight rise in mortgage rates.
Dick Lepre Senior loan officer, RPM Mortgage, San Francisco
The Federal Reserve seems to have a new plan, which could be called “Embrace Inflation Now.” We are being told that we need an expanded money supply and higher inflation so that people will start spending now, as opposed to later when things are more expensive.
This really looks like a stealthy plan to monetize debt, which may really be their only choice given decades of fiscal irresponsibility. This could turn into a worst-case scenario for those in the housing and mortgage industries. We could see normalization of the price of everything else compared to housing, as the prices of everything except housing increases. I don’t even want to think about where this could send mortgage rates.
Tommy Xintaris Senior mortgage consultant, Houston
“Quantitative Easing 2” (i.e., printing more money) is most likely going to take place due to the economy not rebounding as it should. Couple this with a weakening dollar, and you are going to see an increase in mortgage rates.
I’m on the fence. Rates very well could fall further. But they’re so low already, they don’t have much room to fall even more.
Kevin Breeland General manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
The Federal Reserve continues to state that neither inflation nor deflation is an issue and that while the recovery will be slow, we’re no longer in a recession. The Fed says it will hold interest rates down for an “extended period.” Flight to quality is taking place, but we are seeing more movement in the markets due primarily to profit taking. This action does not seem to have a negative effect on the markets.
David Kuiper Mortgage planner, First Place Bank, Holland, Mich.
Mortgage rates continue to trade in a very narrow range near all-time record lows. Continued economic uncertainty and the prospect of additional Federal Reserve moves to stimulate the economy have market participants pretty much just biding their time. Check with your local mortgage professional today to see how you can take advantage of this historic opportunity.
Mitch Ohlbaum Vice president of business development, Mortgage Capital Associates, Los Angeles
The 10-year Treasury has been trading around 2.42 percent, and it is unlikely it will go much lower. With that, we have seen mortgage rates hit new lows in the last few weeks — on one recent day, the 30-year fixed was as low as 3.875 percent. With the tremendous volume lenders are seeing right now, there is no incentive for them or the Federal Reserve to do anything to lower them any further. Enjoy the low rates for now!
Jim Sahnger Mortgage consultant, Palm Beach Financial Network, Stuart, Fla.
I don’t expect significant change from this week to next overall. That said, day-to-day volatility can be rocky.
Chris Sipe Senior loan officer, Embrace Home Loans, Frederick, Md.
Let me get out my “Magic 8 Ball.” That is how it has felt for a while regarding the direction of rates. Until the market gains a long-term direction from the Federal Reserve’s quantitative easing plans next month, I see rates remaining relatively unchanged.