Mortgage Rate Update 9 5 14

By Stevie Duffin Updated on 9/5/2014

The August employment numbers are in and the gains were not gains enough to get the bond market down: 142 thousand jobs were added last month, significantly below the 200-thousand pace per month of the last six. June and July were revised lower to boot. Unemployment fell from 6.2 to 6.1 percent, but is not considered significant because the count is likely due to unemployed Americans ceasing their job search, and therefore losing their title of "unemployed." Mortgage bonds are in stronger territory midday. Watch for falling mortgage interest rates. 

Yesterday: Mortgage bonds were in weaker territory midday after a morning rally and flurry of data (including slowed private sector hiring, according to ADP), geopolitical headlines, and what turned out to be a rather underwhelming press conference with European Central Bank President Mario Draghi. The ECB did not make any concrete announcements for the start of Europe's own bond buying (or quantitative easing) initiative. 

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• 30 year (FRM) rates at 4.14% (0.00).
• 15 year (FRM) rates at 3.28% (0.00).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.02% (0.00).
• 5/1 ARM rates at 3.24% (+0.01).