We have come through an dynamic 60-day window with long-term mortgage rates rising 1% to the dismay of many buyers – but the million-dollar question is, where do we go from here?
In a recent survey of mortgage professionals (Mortgage Rate Trend Survey), when asked what would interest rates do over the next 30 days, the response was as follows:
Rates will rise significantly 0.0%
Rates will rise slightly 26.9%
Rates will remain unchanged 38.5%
Rates will decline 34.6
Rates will decline significantly 0.0%
Think anyone can predict exactly which way things will go? Doubtful, but 65.4% of the respondents think we will stay at the current level or go up.
We do know that long-term mortgage interest rates are back to the same rates we had in the summer of 2011 and well below long-term historical rates.
When you see our U.S. Bond prices moving higher, it typically means home loan rates are improving – and when they are moving lower, home loan rates are getting worse.
It continues to be be a great time to consider a home purchase or refinance as home loan rates remain near historic lows.
Courtesy of Element Funding