Mortgage Rates 5-8-14

By Stevie Duffin Updated on 5/8/2014

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

Mortgage rates are down thanks to some major gains in mortgage bonds after European Central Bank announcements pointed to hesitation this morning, and then most notably from Fed Chairwoman Janet Yellen who said that for Quantitative Easing to cease this coming fall, the U.S. labor markets will need to improve significantly. She also mentioned that rates in general are unlikely to rise until the U.S. is showing more sure signs of strong economic recovery. No new news there, but some good news for home buyers looking to lock. 

Yesterday: 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. 

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• 30 year (FRM) rates at 4.20% (-0.04).
• 15 year (FRM) rates at 3.32% (-0.03).
• FHA 30 year Fixed rates at 3.75% (-0.15).
• Jumbo 30 year Fixed rates at 3.98% (-0.02).
• 5/1 ARM rates at 3.21% (-0.04).