Mortgage Rate Update 7 31 14

By Stevie Duffin Updated on 7/31/2014

Mortgage bonds sank after the strong Q2 GDP reading was released yesterday (pushing rates up), but have since bounced back. The Fed statement did little to combat the effect of the GDP reading. Weaker than expected Chicago PMI data and some common month's-end market activity are helping bring bonds back to unchanged levels. Watch for static or falling mortgage rates.

For the cherry on top of this packed week, look out for the big July Jobs Report tomorrow.  

Yesterday: Mortgage bonds were lower in the morning, thanks to the expected strong Q2 GDP reading (though the first of three, and subject to revision), led by increased commercial investment and consumer spending, and stronger than expected ADP payroll data. 

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• 30 year (FRM) rates at 4.24% (+0.06).
• 15 year (FRM) rates at 3.36% (+0.04).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.08% (+0.06).
• 5/1 ARM rates at 3.25% (+0.03).