Mortgage Rate Update 9 23 14

By Stevie Duffin Updated on 9/23/2014

Bonds started the morning strong but lost their pulse into the middle of the day, and are now sideways. Watch for static or dropping mortgage interest rates. Economic data didn't have much of an effect either way, but the Federal Housing Finance Agency (FHFA) announced today that home prices have slowed their roll to the slowest pace in two years. Good news for prospective buyers and perhaps some economy fuel, but bad news for homeowners who are still upside down on their mortgage. 

For other potential market movers this week, look out for new home sales tomorrow, durable goods and jobless claims Thursday, and the big, fat, final Q2 GDP reading on Friday. 

Yesterday: Existing home sale data came back weaker than expected, but the effect on bonds was negligible. 5.15 million home sales were recorded in August, which fell to 5.05 in September. Mortgage bonds still held their same positive trend from the prior couple of days. Mortgage rates fell. 

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• 30 year (FRM) rates at 4.242 (-0.02).
• 15 year (FRM) rates at 3.37% (-0.02).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.07% (-0.02).
• 5/1 ARM rates at 3.22% (-0.01).