Mortgage Rate Update 10 15 14

By Stevie Duffin Updated on 10/15/2014

As of yesterday, mortgage interest rates have hit major lows. They could be driven even lower, considering the massively disappointing economic data riding today's headlines: Empire State manufacturing, retail sales, and producer pricing all came back in the pits. NY Fed manufacturing was expected to be a pretty 20.25, but instead hit a homely 6.17. Retail sales were expected to grow if auto sales had not been taken into account, but instead dropped by 0.2 percent from September. Economists had been optimistic about producer prices but guessed wrong: they fell 0.1 percent and were 0.2 percent below year-over-year projections. Sour news for the moment if we're talking economy, but a great time to lock in a mortgage interest rate. 

For other potential market movers this week, keep an eye out for initial jobless claims, the NAHB housing market index, and the Philly Fed business index tomorrow, and housing starts and building permits Friday. 

Yesterday: Strong mortgage bond market gains over the weekend - the strongest in a while, in fact - resulted in significant drops for mortgage interest rates. Bonds edged back a bit Tuesday midday.  

Bookmark this page for daily mortgage interest rates and market updates.

• 30 year (FRM) rates at 3.96 (-0.12).
• 15 year (FRM) rates at 3.15 (-0.12).
• FHA 30 year Fixed rates at 3.50% (-0.25).
• Jumbo 30 year Fixed rates at 3.87% (-0.10).
• 5/1 ARM rates at 3.20% (-0.03).