It is tough to predict exactly where rates will be in any given day, week, or month, but the general consensus from here is that we are likely to see a gradual movement upward. Over the past 15 weeks, we’ve had seven down weeks and eight up weeks in rates. That’s why they seem unchanged. And last week saw the single biggest amount of weekly change during that time period—upward movement. So here’s the most confident forecast I can give you about mortgage rates: We’ll see many news reports on Thursday about how rates have jumped in the past week. The average for the 30-year conforming rate will likely be reported on Thursday as being up more than 10 basis points and possibly up by as much as 14 basis points. The current upward movement in rates is a reflection of financial markets globally expecting less quantitative easing from the European Central Bank and another hike by the Federal Reserve this December.
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Regina Singh 714-883-5205 