Mortgage Rates 7-10-14

By Stevie Duffin Updated on 7/10/2014

Mortgage bonds are strong this morning thanks to European influence, and mortgage rates were lowered yesterday following the release of FOMC meeting minutes from June. 

The Federal Reserve's meeting minutes reinforced plans to continue taperering off the multibillion dollar bond buying program (Quantitative Easing) that has been keeping mortgage rates low. Given economic recovery persists, the Fed plans to cut $15B in bond buying at its October meeting, as opposed the $10B it has decided to cut at previous meetings. The Fed will continue to reinvest funds into Mortgage-Backed Securities, however, and low rates will still be supported.

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• 30 year (FRM) rates at 4.18% (-0.02).
• 15 year (FRM) rates at 3.32% (-0.02).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.02% (-0.02).
• 5/1 ARM rates at 3.22% (0.00).