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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 (Dec. 16-22), almost three-quarters of the panelists believe mortgage rates will rise over the next week or so; 7 percent think rates will fall; and 20 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.
Strong economic data and plenty of government red ink have bond yields and mortgage rates on an upswing, and not even the Fed can talk them lower.
Holden Lewis Mortgage editor, Bankrate.com
The Fed has succeeded in convincing investors that higher inflation is on the way.
Kevin Breeland General manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
Inflation is in the news … bond market seems to not like QE2 … sales at the retail level seem to be heating up … more concern regarding the deficit and the effect the renewal of the tax cuts will have on it … all of this is not the best news for bonds. Rates are going to increase over the next seven days.
Derek Egeberg Certified Mortgage Planning Specialist and branch manager, Academy Mortgage, Yuma, Ariz.
We have seen a huge increase in rates over the last 30 days. The Fed has attempted to artificially keep rates lower through the QE2 purchase of additional securities. Watch for rates to continue higher.
Dan Green Waterstone Mortgage, author of TheMortgageReports.com, Cincinnati
The Fed is telegraphing inflation. Prepare for it.
Rebecca R. Madej Mortgage consultant, Cunningham & Company Mortgage Bankers, Charlotte, N.C.
With selling momentum and year-end profit taking, rates will go up. The (Federal Open Market Committee) statement was status quo, so why should traders buy now?
Bob Moulton President, Americana Mortgage Group, Manhasset, N.Y.
Rates are on the rise.
Jim Sahnger Mortgage consultant, Palm Beach Financial Network, Stuart, Fla.
Unfortunately, short term, I think there is still some risk for rates to rise a bit from here. There is too much head wind right now to help bring rates aggressively back down.
John Walsh President, Total Mortgage Services, Milford, Conn.
Dick Lepre Senior loan officer, RPM Mortgage, San Francisco
The present state of Treasuries is a serious overreaction to QE and is a bet on the fact that we are about to have inflation well above recent levels. Producer Price Index was above expectation, but Consumer Price Index was well-contained. Markets are driven by more uncertainty than usual. It is hard to form an idea of what will happen with the economy and harder still to fathom what others will do. We are at a point where we have seen a very substantial increase in Treasury yields and mortgage rates driven by the notion that inflation is about to happen. This selloff has broken through all technical support levels, and what we will need is continued containment of inflation to knock yields down again.