Mortgage Rates 2-11-14

By Stevie Duffin Updated on 2/11/2014

What will mortgage interest rates do tomorrow? Rates should go up, according to mortgage professionals voting on our daily poll.

Treasury debt will hit the market this week, kicking off today with $30 billion 3-year notes and continuing tomorrow and Thursday with $24 billion 10-year notes and $16 billion 30-year bonds, respectively.

Janet Yellen's first statement as Fed Chairwoman reports that the Central Bank's goal is to break the 2% inflation and 6.5% unemployment rate. With labor force participation hovering at 63% (a 35-year low) and the GDP around 2%, economists predict a gentle monetary policy from the Fed, although tapering off the bilion dollar bond buying program (Quantitative Easing) is still set to continue. Whether or not tapering ends will depend wholly on economic health data. 

Recap: The January Jobs Report data was well below expectations, rounding off at 113K new jobs added rather than the projected 175K. Unemployment fell from 6.7% to 6.6%.

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• 30 year (FRM) rates at 4.32% (-0.02). 
• 15 year (FRM) rates at 3.36% (-0.02). 
• FHA 30 year Fixed rates at 4.00%. (+/-0.00).
• Jumbo 30 year Fixed rates at 4.23% (-0.02).
• 5/1 ARM rates at 3.24% (+0.02).