Most of the experts polled by Bankrate this week think that mortgage interest rates will rise in the days ahead.
In all, 77 percent of respondents to the poll said they expect rates to go up in the coming week, while 15 percent said rates would go down and just 8 percent expect them to hold steady.
Where experts see mortgage rates going next week
“Rates will increase slightly,” said Jennifer Kouchis, senior vice president of real estate lending at VyStar Credit Union in Jacksonville, Florida. “Some say rates will stay the course, while others are bracing for impact. With major news expected from the election in Georgia this week, it’s not unreasonable to expect some volatility in the market. I expect that there will be those that react prematurely and rates will see some slight moves up, but until we determine the results, the long-term impact is anyone’s guess and we will have to wait and see!”
James Sahnger, a mortgage planner at C2 Financial Corporation in Jupiter, Florida, agreed that rates are likely to rise.
“As we navigate our way closer to the Biden presidency and the Senate flipping in control, rates will move slightly higher,” he said.
Those who think rates are headed down, however, think the coronavirus pandemic will continue to upset markets.
“Mortgage rates are headed lower,” said Jeff Lazerson, president of MortgageGrader. “The exploding pandemic is the driver.”