Mortgage Rates 2-27-14

By Stevie Duffin Updated on 2/27/2014

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

This afternoon (1:00 PM ET)  marks the last Treasury auction for this week with $29 billion seven-year notes. This morning Yellen met with the Senate Banking Committee.

MBS gains were going steady through Yellen's testimony until a favorable Durable Goods report (up 1.1% when a drop of 0.3% was expected) leveled out volatility.

Weekly Initial Jobless Claims were up in the latest week by 14K, nearly 13K over the expected; it marks a one month high but did not alter the four week moving average. For the big number, stay tuned for March 7 when the Labor Department releases the February jobs report. 

Watch out for the Consumer Sentiment report, due out tomorrow. 

Recap: The Mortgage Bankers Association reported that total loan application volume for over 75% of retail residential mortgage applications (via its Market Composite Index), dropped 8.5% in the recent week, the refi index by 11.4%, and the purchase index by 3.5%.

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• 30 year (FRM) rates at 4.38% (-0.03).
• 15 year (FRM) rates at 3.41% (-0.04).
• FHA 30 year Fixed rates at 4.00%. (+/-0.00).
• Jumbo 30 year Fixed rates at 4.24% (-0.06).
• 5/1 ARM rates at 3.24% (+0.02).