Mortgage Rate Update 8 28 14

By Stevie Duffin Updated on 8/28/2014

The European Central Bank's announcement of plans to begin their own quantitative easing by spring 2015 has the American bond market caught up in a feeding frenzy. More to the point, mortgage bonds are in positive territory and we can look for mortgage interest rates to drop. This is all in spite of perfectly delightful GDP data (4.2 percent), lowered Jobless Claims, and strong Pending Home Sales - the strongest in close to a year. 

For other market movers this week, keep an eye out for tomorrow's Personal Consumption and Chicago PMI.

Yesterday: No reports were due Wednesday, so bonds took cues from foreign markets and domestic trading. Mortgage bonds were in positive territory midday. Rates fell. In housing news, the Mortgage Bankers Association reported that total loan application volume was up 2.8 percent in the latest week.

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• 30 year (FRM) rates at 4.11% (-0.02).
• 15 year (FRM) rates at 3.26% (-0.01).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 3.98% (-0.02).
• 5/1 ARM rates at 3.21% (-0.01).