Mortgage Rates May Fall Following Russia's Ruble

By Stevie Duffin Updated on 12/16/2014

Empire State manufacturing numbers came in and sit at their lowest levels in two years: November's reading had been 10.16, and today's announcement revealed -3.58 for December. The last time the index read negative - an indicator of decline - was January 2013. Better news out of the housing sector: although NAHB numbers came in a tick lower for December at 57 than they had in November's 58, overall builder confidence is relatively optimistic.

That all happened domestically, but bond markets weren't paying much attention; overseas trading is certainly stealing the spotlight, and Russia in particular, whose Ruble currency tanked. MBS have been riding in more positive territory since; watch for falling mortgage interest rates. 

For more potential mortgage rate movers, check back tomorrow for housing starts and building permits, Wednesday for CPI (inflation measure) and the FOMC announcement, and Thursday for the Philly Fed business index and jobless claims. 

Friday: With oil prices plunging and European markets giving plenty of movement cues to US traders, MBS underwent a rally. Rates followed suit; see below.  

Bookmark this page for daily mortgage interest rates and market updates.

• 30 year (FRM) rates at 3.85 (-0.02).
• 15 year (FRM) rates at 3.10 (-0.02).
• FHA 30 year Fixed rates at 3.25% (-0.10).
• Jumbo 30 year Fixed rates at 3.70% (0.00).
• 5/1 ARM rates at 3.25% (+0.02).