Expert poll: Mortgage rate trend predictions for Nov. 7 - 13, 2024
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| Go up | 54% |
|---|---|
| Stay the same | 8% |
| Go down | 38% |
Expect rates to rise in the coming week, say the majority of rate watchers polled by Bankrate.
Of those polled, 54 percent of respondents expect rates to rise in the next week. Fully 38 percent predict rates will fall, with 8 percent predicting rates to stay flat.
The average 30-year fixed rate was 7.00 percent as of Nov. 6, according to Bankrate’s national survey of large lenders, ticking up from 6.88 the previous week.
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Rate Trend Index
Experts predict where mortgage rates are headed
Week of Nov. 7 - 13, 2024
| Go up | 54% |
|---|---|
| Stay the same | 8% |
| Go down | 38% |
Bond yields are making another leg up and mortgage rates will too.
— Greg McBride, Bankrate
54% say rates will go up
Melissa Cohn
Regional Vice President, William Raveis Mortgage
Mortgage rates are moving higher. Trump’s win last night means more tariffs, and they are inflationary. Higher inflation will also cause the Fed to pause its rate-cutting cycle, and rates in general are going to be higher.
Derek Egeberg
Branch Manager, Guild Mortgage , Yuma , AZ
As the stock market gains huge momentum from the election results, look for bonds to suffer as money flows from bonds to equities.
Dan Green
CEO, Homebuyer.com , Cincinnati , OH
Mortgage markets are readying for a return to high inflation.
Ken Johnson
Walker Family Chair of Real Estate, University of Mississippi
Election outcomes do not impact mortgage rates — at least not immediately. The trend in 10-year Treasury yields impacts mortgage rates, and the yield on Treasurys has been rising steadily for six weeks. Thus, unrelated to the election, long-term mortgage rates will be on the rise once again. Next week, long-term mortgage rates will increase.
Greg McBride, CFA
Chief Financial Analyst, Bankrate , North Palm Beach , FL
Bond yields are making another leg up and mortgage rates will too.
Joel Naroff
President and Chief Economist, Naroff Economic Advisors , Holland , PA
Up. Trump appears to be intent on imposing tariffs and that is inflationary.
Nancy Vanden Houton, CFA
Senior Research Analyst, Stone & McCarthy Research Associates , New York , NY
Higher.
38% say rates will go down
Michael Becker
Branch Manager, Sierra Pacific Mortgage , White Marsh , MD
Bonds are selling off and mortgage rates are higher after the election of Donald Trump and a potential red wave in Congress. Markets are worried about inflation returning under a Trump administration. Looking forward to next week, I see the sell off moderating and reversing, leading to lower mortgage rates.
Richard Martin
Director of Home Lending, Curinos
Election week: hard to predict anything, so I’m going to say we see a general flight to quality and we see rates go down by EOW.
Denise McManus
Global Real Estate Advisor, Engel & Voelkers & Senior Lender, Xpert Home Lending, Engel & Voelkers
Rates will go down! Now that we have put the election behind us and there is definite positive buzz surrounding the outcome, even Wall Street is responding early with gains. This could be an interesting ride to see effects take place so quickly. Let’s see if buyers and sellers feel confident enough to shop. I definitely see rates going down in the week ahead.
Les Parker, CMB
Managing Director, Transformational Mortgage Solutions , Jacksonville , FL
Mortgage rates will go down. Here’s a parody of “Lost Without Your Love,” the 1973 Bread hit. “Yes, Bond’s lost without oil’s love.” Rates can fall again despite the wild swings and consequential news events. It takes a calm in the Middle East’s hostilities to allow supply/demand to take over, letting West Texas Intermediate Crude drop to its old range of $65 to $55. Cheap oil helps mortgage rates fall.
Bennie Waller
William Cary Hulsey Fellow, Culverhouse College of Business, University of Alabama
Mortgage rates will likely drift lower after the Fed meeting, which is expected to cut 25 basis points.
8% say unchanged–
James Sahnger
Mortgage Planner, C2 Financial Corporation , Jupiter , FL
Following the election, the bond and treasury markets reacted and reacted big. Futures shot higher and bonds tumbled lower in anticipation of great things from the economy moving forward. In many respects, the first reaction can be a bit of a knee jerk and then the markets look to find its path for moving forward. I think that’s what we’ll see over the next week with a lot of volatility but ending up close to where we are now.