Mortgage Rates 01-28-16

By Lisa Robison Updated on 1/28/2016

Mortgage rates are again lower today.  The bond market is struggling to make further improvement.  The 10 year yields down to 1.98, and they have not been able to go down below that number, despite many attempts.  This is a technical indication of what is known as a "pennant".  A "pennant" is indicative of a trend in which the chart reflects a convergence of the highs and lows of the recent trading pattern.  This phenomenon typically happens at the end of a run in either direction.  This consolidation pattern is what we are seeing now.  It is possible that stocks and bonds are just taking a break before deciding which direction to go next.  Today brings a substantial amount of economic data, with the Durable Goods, Jobless Claims, Pending Home Sales, and then at 1pm EST, the 7 Year Note Treasury Auction.  Check back tomorrow for the most up to date mortgage news.                             

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• 30 year (FRM) rates at 3.82% (-0.02%).
• 15 year (FRM) rates at 3.12% (0.00%).
• FHA 30 year Fixed rates at 3.50% (0.00%).
• Jumbo 30 year Fixed rates at 3.66% (-0.02%).
• 5/1 ARM rates at 3.04% (-0.02%).