Mortgage Rates 2-12-14

By Stevie Duffin Updated on 2/12/2014

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

The $30 billion 3-year note auction went swimmingly yesterday, and continues today and Thursday with $24 billion 10-year notes and $16 billion 30-year bonds, respectively. The results of today's $24 billion auction will be released at 1:00PM ET.

The Mortgage Banker's Association reported the latest from its Market Composite Index: total loan application is down 2%, refinance index down 0.2% and the purchase index is down 5%.

Recap: 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.

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

• 30 year (FRM) rates at 4.36% (+0.04).
• 15 year (FRM) rates at 3.39% (+0.03).
• FHA 30 year Fixed rates at 4.00%. (+/-0.00).
• Jumbo 30 year Fixed rates at 4.27% (+0.04).
• 5/1 ARM rates at 3.25% (+0.01).