Mortgage Rates 02-03-16

By Lisa Robison Updated on 2/3/2016

Mortgage rates continue to move lower as the bond market rally continues.  The trend is still continuing, despite economic data released today.  We saw two big reports today (ADM Employment and ISM Non-Manufacturing).  As of late, the bond market has been paying very little attention to domestic data.  The rally yesterday tells us that we will need to see two or three BIG days of selling to disturb this trend.  In January of 2015, we saw a striking similarity to this longer term rally, whereas the bond market pulled back after the rally, and then bounced back up with even more solidarity.  Many sideliners would be tempted to lock now, but what 2015 tells us is that there will probably be even more opportunities for favorable rates, even in the midst of a short term turn around.  This is all good news... for the time being.   We are heading into Friday's NFP report day, which tends to be a market mover on its own merit.  Check back tomorrow to see whether the bond rally continues.     

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• 30 year (FRM) rates at 3.76% (-0.01%).
• 15 year (FRM) rates at 3.06% (-0.01%).
• FHA 30 year Fixed rates at 3.40% (0.00%).
• Jumbo 30 year Fixed rates at 3.57% (-0.01%).
• 5/1 ARM rates at 3.01% (-0.01%).