Mortgage Rate Update 9 16 14

By Stevie Duffin Updated on 9/16/2014

Mortgage bonds are holding on to higher levels after some morning weakness. No reports are due but the Fed begins its FOMC meeting today, the monetary policy statement for which will come tomorrow at 2:00 PM ET, and speculatively with news about rate hikes. As of now, watch for static or dropping mortgage interest rates. 

For other potential market movers this week, look out for tomorrow's CPI and NAHB housing index. Thursday will have housing starts, building permits, and Philly Fed Business. 

Yesterday: Mortgage bonds experienced some gains and were unshaken by stronger than expected Empire State Manufacturing data. The NY Fed reported that manufacturing reached its highest levels in five years. September's index was 27.54, while August's was only 14.69. Industrial Production data was also announced, and came back weaker than expected, possibly bolstering mortgage bond strength. 

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• 30 year (FRM) rates at 4.24% (0.00).
• 15 year (FRM) rates at 3.39% (0.00).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.09% (-0.01).
• 5/1 ARM rates at 3.25% (0.00).