Mortgage experts polled by Bankrate this week are mixed on where interest rates will go in the week ahead.
At 46 percent, the largest share of respondents to the poll said they expect rates to go up in the coming week, but a large share — 36 percent — think rates will go down. Meanwhile, 18 percent said they would remain the same.
Where experts see mortgage rates going next week
“Rates will continue to creep higher near term as renewed inflation worries seem to be the concern on the horizon,” said Gordon Miller, owner of Miller Lending Group in Cary, North Carolina. “As with the past ten years I don’t agree this will actually be the case but waiting to take advantage of low rates may result in an unwanted surprise in the short term.”
Ken H. Johnson, a real estate economist at Florida Atlantic University agreed that rates are likely to rise.
“Long-term mortgage rates will move up slightly. 10-year Treasurys have been moving up steadily since early August. During this same time period, long-term mortgage rates have been trending downward,” he said. “This pattern should not be happening and will not hold much longer. Long-term mortgage rates should begin to rise slightly in the coming week.”
Those who think rates are headed down, however, think the market needs to find a new equilibrium.
“Down,” said Joel Naroff, president and chief economist at Naroff Economic Advisors in Holland, Pennsylvania. “Market has come too far too fast.”