Mortgage Rates 3-31-14

By Stevie Duffin Updated on 3/31/2014

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

Mortgage bonds are sideways - unsurprising since the trend has held for well over a month now. Chicago PMI was released this morning and below the 60.1 expected, showing a manufacturing drop from 59.8 to 55.9. Weather is taking the blame once again. Mortgage rates are up. 

What may shake mortgage bonds out of their sideways stupor? Look out for Tuesday's ISM Manufacturing at 10:00AM ET, Wednesday's ADP Employment Report at 8:15AM ET, and naturally Friday's big NFP Employment Situation Report. The markets will surely be keeping a close eye on data leading up to Friday's announcement. 

Recap: Last week's final Q4 GDP reading came back at 2.6%, above the 2.4% gleaned from the third reading. Still no match for Q3, whose reading sits at 4.1%. The final average for 2013 is 2.6%. In more encouraging news, Consumer Spending increased 3.3%, the largest gain in three years. 

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• 30 year (FRM) rates at 4.54% (+0.05).
• 15 year (FRM) rates at 3.53% (+0.02).
• FHA 30 year Fixed rates at 4.05%. (+0.05).
• Jumbo 30 year Fixed rates at 4.30% (+0.03).
• 5/1 ARM rates at 3.23% (0.00).