Mortgage Rates 5-7-14

By Stevie Duffin Updated on 5/7/2014

What will mortgage interest rates do tomorrow? Rates should stay the same, according to mortgage professionals voting on Lender411's daily poll.

A disappointing first reading of Q1 Productivity (down 1.7%) and increased labor costs are contributing to stronger mortgage bonds today.

In better news, mortgage applications were up 5.3% in the latest week, according to the Mortgage Bankers Association's Market Composite Index. The upswing is being attributed to lower mortgage rates and taken as a sign of improving housing market health. 

Also this week, Treasury auctions starting today through Thursday and Weekly Initial Jobless Claims the same day, 8:30 AM ET. 

Recap: Employment came back with positive numbers Friday morning - 288K jobs were added in April, well below the projected 218K. Revised data from February and March revealed gains as well. Unemployment is sitting pretty at 6.3%, prettier than the 6.7% reading in March and below the 6.6% expected. 

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• 30 year (FRM) rates at 4.24% (-0.02).
• 15 year (FRM) rates at 3.35% (-0.02).
• FHA 30 year Fixed rates at 3.90% (-0.05).
• Jumbo 30 year Fixed rates at 4.00% (-0.02).
• 5/1 ARM rates at 3.25% (0.00).