Mortgage Rate Update 11 20 14

By Stevie Duffin Updated on 11/20/2014

Weak European data sent bonds soaring into positive territory last night. Domestic numbers were good: U.S. jobless claims are down again and holding on to the lowest levels we've seen since 2000; core CPI, a measure of inflation, jumped 0.2 percent since the last reading; existing home sales also came back positive, jumping 1.5 percent in October. Mortgage bonds did not yield in the face of this good data, until the Philly Fed announcement came back so strong (to 1993 levels!) that bonds lost much of the gains they experienced during domestic trading. The overnight strength still remains. Watching for dropping mortgage interest rates. 

Wednesday: Mortgage bonds maintained weak levels after German economic data came back far healthier than expected, throwing the stock market into a buying trend. Mortgage rates rose. In housing news, building permits shot up in October, especially for multi-family units which jumped by 10 percent. Housing starts themselves were low, but  a greater number of building permits is a good sign for future construction.

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• 30 year (FRM) rates at 4.00 (+0.02).
• 15 year (FRM) rates at 3.20 (+0.02).
• FHA 30 year Fixed rates at 3.55% (+0.05).
• Jumbo 30 year Fixed rates at 3.86% (+0.03).
• 5/1 ARM rates at 3.25% (+0.01).