Mortgage Rates 03-03-16

By Lisa Robison Updated on 3/3/2016

Mortgage rates climb higher again today. There is a pretty simple explanation for the trend that we are seeing so far this year. It dates back to February, when the 151k NFP report hit the presses. Things continued to go downhill after Yellen acknowledged that the Feds were observing the same weaknesses in the economy. This week's ISM manufacturing report ended a major losing streak, and the ADP report released yesterday confirmed it. There have been many data points leading into fears about recession, however we are now seeing 10 year yields at levels above the levels seen prior to the February NFP. A recession may be in the works. It may hit in the next 12 months, or in the next few years. Tomorrow's Non-Farm Payroll report could be a major market mover. Check back then to see the reaction in the mortgage market.

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• 30 year (FRM) rates at 3.73% (+0.03%).

• 15 year (FRM) rates at 3.02% (+0.03%).

• FHA 30 year Fixed rates at 3.25% (0.00%).

• Jumbo 30 year Fixed rates at 3.57% (+0.03%).

• 5/1 ARM rates at 3.03% (+0.03%).