Mortgage Rates 7-18-14

By Stevie Duffin Updated on 7/18/2014

A relatively uneventful day following tense headlines for Russia and Ukraine and mortgage bond strength is now giving way to a weakening mortgage bond market. Too soon to tell, but keep an eye on rising rates. Mortgage rates are down from yesterday's strong bond market. 

Yesterday: Mortgage bonds were strong following an overnight rally caused by geopolitical tension in Russia and Ukraine, and bolstered by weak housing data. A comparatively strong Philly Fed report was not enough to push bonds down. Look out for lower mortgage rates.  

June Housing Starts dropped to an annual rate of 893 thousand, a 9.3 percent dip from May and well below the expected 1.02 million. This is the slowest crawl in 9 months, headed by a drop in single family homes and apartments. Future construction is looking slow as well, since building permits dropped to an annual rate of 963K, a 4.2 percent dip. 

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• 30 year (FRM) rates at 4.16% (-0.05).
• 15 year (FRM) rates at 3.31% (-0.04).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.00% (-0.06).
• 5/1 ARM rates at 3.22% (-0.03).