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Experts say rates will…
Rates will fall in the next week, says the majority of rate watchers polled by Bankrate.
Of those polled, 69 percent of respondents predict rates will decline, 23 percent expect rates to remain unchanged and just 8 percent predict rates will rise.
The average 30-year fixed rate was 7.10 percent as of June 12, according to Bankrate’s national survey of large lenders, up slightly from last week’s average of 7.08.
Estimate your monthly mortgage payment based on current rates using this calculator.
Rate Trend Index
Week of June 20 – 26, 2024
Experts say rates will…
Bonds see inflation deflating and growth slowing: bad news for workers and good news for lower mortgage rates. Bonds love misery, so they like seeing the Fed’s ‘higher for longer’ policy.
Ken H. Johnson
Real estate economist, Florida Atlantic University
My prediction is rates will trend higher this week against the Fed’s decision to hold rates flat. However, I think the revised dot plot will suggest one rate increase for the remainder of 2024.
Robert Brusca
Chief economist, Facts and Opinions Economics , New York
Lower.
Melissa Cohn
Regional Vice President, William Raveis Mortgage
Thanks to a weaker-than-expected retail sales report, mortgage rates will go down a bit this week.
Dick Lepre
Senior Loan Officer, Realfinity , Alamo , CA
Trend: Lower. Weak retail sales data may encourage the Fed to lower its overnight rate. Both Treasury yields and mortgage rates should fall.
Les Parker
CMB, managing director, Transformational Mortgage Solutions , Jacksonville , Florida
Mortgage rates will go down. Here's a parody of "Barracuda," The 1977 hit by Heart and once voted as the #41 top classic rock song: "And if the real rates don't do the trick. You better make up something quick. Inflation’s gonna, burn, burn, burn to the wick. Bond Barracuda, oh, yeah." Global political and financial uncertainty continues to pressure the Fed to keep the system liquid. Bonds see inflation deflating and growth slowing: bad news for workers and good news for lower mortgage rates. Bonds love misery, so they like seeing the Fed's “higher for longer” policy.
Sean P. Salter, Ph.D.
Associate Professor of Finance and Dale Carnegie Trainer, Middle Tennessee State University , Murfreesboro , TN
Lower. Rates will move slightly lower as the 10-year U.S. Treasury rate has declined.
Richard Martin
Director of Home Lending, Curinos
[I] predict rates to stay flat this week after improvement from last week.
Greg McBride
CFA, chief financial analyst, Bankrate.com
Any substantive move in mortgage rates is unlikely in the absence of new inflation data.
Denise McManus
Global Real Estate Advisor, Engel & Voelkers & Senior Lender, Xpert Home Lending, Engel & Voelkers
Rates will remain relatively flat going through the week. Nothing of significance is coming to make the rates move in either direction. We all are holding our breath until the September Fed meeting.
Robert J. Smith
Head of Real Estate, Advisor Credit Exchange
Expect rates to hover around 7 percent (on the 30-year fixed rate mortgage) for the next week, given the absence of new, relevant economic data.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
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