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Mortgage News 5-12-2011
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Experts Weigh In On Mortgage Rates


Economic experts, including Quicken Loans Chief Economist Bob Walters, weighed in on the future of mortgage rates on Fox Business. After the highly anticipated Federal Reserve press conference & press release, all eyes turned to mortgage interest rates to see how the announcement would impact the financial market.

After the release and press conference, mortgage rates remained near historic lows. Despite mortgage rates being at historic lows and home prices continuing to fall, the housing market is still struggling. New home sales increased slightly in March, but some experts are still skeptical about the market bouncing back. One thing that is certain, it is one of the best times to buy a home if you’re in the market to purchase.

In regards to the future of mortgage rates, Bob Walters discussed the impact of QE2, the government’s second quantitative easing program, which is scheduled to end in June:

It is unlikely the Fed would go for a “QE3? and extend the program beyond the end of June, says Bob Walters, chief economist at Quicken Loans.

But since the end of “QE2? is already expected by most investors it shouldn’t have a major impact on mortgage rates, he says.

“Surprises move the market,” he says. “This is would not be a surprise. It’s already built in. If things happen as predicted, we should expect no changes” after the program ends

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