Mortgage Rate Update 8 7 14

By Stevie Duffin Updated on 8/7/2014

A large drop in unemployment claims did little to move mortgage bonds since the Fed has been buying this morning. Fannie and Freddie reported higher earnings, which did little to move bonds as well, along with lower Initial Jobless Claims (289 thousand, below the 309 thousand expected). Look out for dropping or static rates. 

Yesterday: Bonds started the morning strong thanks to overseas markets but eased back midday. In housing news, the MBA's Mortgage Market Index (total loan applications) is up 1.6 percent in the latest week, but down year-over-year.                      

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• 30 year (FRM) rates at 4.20% (-0.02).
• 15 year (FRM) rates at 3.31% (-0.02).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.04% (-0.01).
• 5/1 ARM rates at 3.25% (+0.01).