Mortgage Rates 02-24-16

By Lisa Robison Updated on 2/24/2016

Today's mortgage related reports aren't typical market movers.  We see the release of the Mortgage Market Index, MBA Purchase Index, Mortgage Refinance Index, as well as the New Home Sales and the 5-year note auction.  Of these reports, the most likely to have an impact is the 5-year Treasury auction.  There were some intriguing developments coming out of the overnight session.  Trading between the hours of 6:00pm and 8:00am is typically uneventful, but today we saw some interesting developments in that the 10 year yields broke below the trading floor of 1.717.  Both US and European markets broke through at the same respective time.  German and US markets have both been following the same pattern since about February 11th.  This first breakthrough past the upper resistance level is only half of the battle.  The next line in the sand that we'd like to see crossed is the 1.672 on the lower resistance level.  Until that happens, we still need to consider that Feb 11th was the start of a longer term bounce.  Check back tomorrow to see the most up to date mortgage news.

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• 30 year (FRM) rates at 3.63% (-0.01%).
• 15 year (FRM) rates at 2.94% (-0.01%).
• FHA 30 year Fixed rates at 3.25% (0.00%).
• Jumbo 30 year Fixed rates at 3.49% (0.00%).
• 5/1 ARM rates at 2.94% (+0.04%).