Mortgage rates unchanged on Tuesday

NEW YORK, June 13 (Reuters) - The average rate on a 30-year U.S. mortgage with no upfront points was unchanged on Tuesday at 6-3/4 percent, according to BestInfo Inc.

If the mortgage market on Wednesday continues in its current direction, rates may decline.

The 30-year mortgage rate with one upfront point was unchanged at 6-1/2 percent.

The 30-year mortgage rate with two upfront points was unchanged at 6-1/4 percent.

Mortgage Rates Likely to Rise

Bankrate.com

Will rates rise, fall or remain relatively unchanged? Here’s what the experts had to say last week:

•Lock in: Rates will continue to rise. A clear majority of the panelists believe mortgage rates will rise over the next 35 to 45 days.

•Rate vote: “Interest rates continue to rise with the expectation that the Federal Reserve will hike the fed funds rate again at its next meeting on June 28 and June 29,” said Jim Sahnger, vice president of Palm Beach Financial Network in Stuart, Fla.

Dick Lepre, senior loan officer at Residential Pacific Mortgage in San Francisco, was also in the higher rate camp. “Treasury buyers realize that the Fed will deliver another 25 basis point hike and that it is, in essence, ‘showtime’ for Fed policy,” Lepre said.