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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 (Jan. 13-Jan. 19), 56 percent of the panelists believe mortgage rates will remain relatively unchanged (plus or minus 2 basis points) over the next week or so and 44 percent believe rates will rise. No respondents expect mortgage rates to 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.
Treasury debt auctions and the heavy economic calendar through the balance of the week will push mortgage rates slightly higher, but not enough to break out of the range seen since mid-December.
Holden Lewis Mortgage editor, Bankrate.com
The overall trend for mortgage rates is upward. Day to day and week to week they can move in any direction. But if you’re betting money on the direction of mortgage rates — and you are placing a bet when you decide whether or not to lock — the long-term odds favor an increase in rates. If you float, you’re betting against the casino, in essence.
The new Fannie Mae Loan Level and Adverse Market Condition grids will take effect April 1 but pricing to borrowers will be impacted within the new week or two, given the April 1 date for loan delivery. For someone with a 700 FICO at 80 percent LTV (considered a good credit customer) Fannie Mae will double (yes, double) the pricing adjustment they place on your loan, for someone with a $200,000 loan that will add about $800 in additional cost.
Dan Green Waterstone Mortgage, author of TheMortgageReports.com, Cincinnati
The mini rally is over. Rates resume rising.
Dick Lepre Senior loan officer, RPM Mortgage, San Francisco
The Treasury techs are bearish and indicative of slightly higher rates. The daily tech has waffled but the weekly, while near the end of a bear cycle, is going to create at least another week of misery and higher yields.
Rebecca R. Madej Mortgage Consultant, Cunningham & Company Mortgage Bankers, Charlotte, N.C.
We’ve seen a dip the last few days, but I believe we’re heading up.
Bob Moulton President, Americana Mortgage Group, Manhasset, N.Y.
Michael Becker Mortgage banker, Happy Mortgage, Lutherville, Md.
Mortgage rates dipped after the disappointing jobs report last Friday. Moving forward, you have an improving U.S. economy battling it out with the European sovereign debt crisis. I think this will result in rates being range-bound with volatile day-to-day movement in mortgage rates. Overall, I see mortgage rates holding steady in the coming week.
Kevin Breeland General manager, Residential Mortgage of South Carolina, Mount Pleasant, S.C.
Reviewing trends that I believe have the most impact on mortgage rates, (I have concluded) these indicators have been somewhat unreliable. That being the case, I have instituted a new indicator supplying further insight to the difficult task of predicting rate movements. The indicators I have long-relied on point toward unchanged rates for the next seven days. My new indicator — we know it as Ouija Board — says the same 🙂 .
Chris Karageorge Senior home loan adviser, Universal American Mortgage Company, Wayzata, Minn.
Positive employment data last week did not cause rates to spike. The market appears to be settling down a bit.
David Kuiper Mortgage planner, First Place Bank, Holland, Mich.
Rates continue to trade in a very narrow range, with lots of intraday volatility. The 30-year fixed rate continues to hover plus or minus 5 percent at any given time within 0.125 percent. While the record-low interest rates of last fall are a thing of the past, and not likely to return, rates remain very attractive, especially for those who want to move to a shorter-term loan and realize long-term savings vs. monthly payment savings. Contact your local mortgage professional today to see how you can make today’s rates work for you.
Mitch Ohlbaum Vice president of business development, Mortgage Capital Associates, Los Angeles
The 10-year Treasury is currently at 3.4 percent. Even in the face of not-so-promising news, rates climbed slightly. In fact, December job creation was corrected downward from previous numbers but seemed to have no effect on rates. The reception of bad news in the market and more specifically on rates would normally have an ill effect on rates, but this is not what we are seeing. The market is so hungry and poised for improvement, it almost seems to ignore the bad and focus only on the good. Beyond all of this, the most important factor is: Are people going back to work, and how quickly?
Jeff Tufford Mortgage consultant, Monarch Consulting, Grand Blanc, Mich.
With all the market volatility, I expect things to bounce around some but be back to relatively the same place they are now this time next week.
John Walsh President, Total Mortgage Services, Milford, Conn.
I believe rates will remain steady in the coming week.