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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.
This week (Nov. 11-Nov. 18), 50 percent of the panelists believe mortgage rates will rise over the next week or so; 29 percent think rates will fall; and 21 percent believe rates will remain relatively unchanged (plus or minus 2 basis points).
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.
Kevin Breeland General manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
Last week, I stated rates would be lower and the election results would give us that drop. It did happen, but not for very long — and we are now back in the business of realizing exactly what the task at hand looks like. My experience tells me we hit bottom, and now you should expect rates to move higher.
The market hinged on the release of the two key data points last week: the unemployment and the FOMC release, and confirming the quantitative easing stance by the Fed since first suggested by Bill Dudley back on Oct. 1. With both of those key influences out of the way, it’s back to technical trading driving the market. Current Coupon trading would confirm this, showing a rise of around 0.3 percent since Nov. 4.
Dan Green Waterstone Mortgage, author of TheMortgageReports.com, Cincinnati
Here come the inflation hawks. Mortgage rates rise.
David Kuiper Mortgage planner, First Place Bank, Holland, Mich.
We’ve already seen rates creep up slightly in the week since the Fed announced QE2, as fears of inflation are beginning to hit investors. Remember, everything the Fed is trying to do — stimulate employment, boost the stock market and encourage spending — eventually leads to inflation. Inflation is the archenemy of bonds, where mortgage interest rate pricing comes from. While we are no longer at all-time, record-low interest rates, they are still incredible from a historical perspective, and this is the time to take advantage of them. Consult your local mortgage professional today to see how you can do so.
John Walsh President, Total Mortgage Services, Milford, Conn.
There is a lot of economic data on tap over the next week, so expect at least one soft spot that pulls rates back down.
Holden Lewis Senior reporter, Bankrate.com
Mortgage rates spiked higher this week, and they’ll drop down to where they were.
Michael Becker Mortgage banker, Happy Mortgage, Lutherville, Md.
Since the employment report last Friday, yields on Treasuries and mortgage-backed securities have jumped quite a bit, causing mortgage rates to rise. I think this move upward in rates is a bit premature, especially considering the fact that the Fed just announced it will purchase approximately $105 billion in Treasuries in the next month. The majority of those purchase will be rate-influential, five- to 10-year Treasuries. Because of this, I see mortgage rates dropping in the coming week.
Jim Sahnger Mortgage consultant, Palm Beach Financial Network, Stuart, Fla.
What a difference a week can make in interest rates. Over the course of five business days, the lowest available rate with no points on one day could have cost nearly two points on another.
Volatility remains the norm; and while I expect we will see improvement from the highest rates seen this week, the road to where we end up will be bumpy. The lesson learned this past week is simple: When you have a great rate available to you, lock it.
Bob Moulton President, Americana Mortgage Group, Manhasset, N.Y.
I think rates are flat for the time being.
Chris Sipe Senior loan officer, Embrace Home Loans, Frederick, Md.
With the election, Fed announcement and jobs report behind us, the market has started to establish a course. Rates have jumped since Friday morning, which I see as an appropriate correction, and I see rates stabilizing at these levels. I see rates being unchanged in the near term.