Mortgage Rates 3-7-14

By Stevie Duffin Updated on 3/7/2014

What will mortgage interest rates do Monday? Rates should stay the same, according to mortgage professionals voting on our daily poll.

The February Jobs report came back positive today, sending bond investors in the opposite direction and mortgage rates up across the board. 

175K jobs were created in February, notably above the 163K expected. Revisions to the December and January reports were also positive, showing about 25K additional jobs. Unemployment crept up from 6.6. to 6.7%, but so did hourly earnings, by 0.4%. Earnings have steadily increased by 2.2% over the last year. 

Recap: ISM reported Wednesday morning that service sector growth dipped to a four year low last month, from 55.4% to 47.5%. Disappointing news especially when coupled with ADP's report that service added only 120K new jobs last month, which represents a drop in year-over-year gains. Bad weather is still largely to blame for the bad numbers, according to ISM.

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• 30 year (FRM) rates at 4.48% (+0.06).
• 15 year (FRM) rates at 3.48% (+0.05).
• FHA 30 year Fixed rates at 4.00%. (+/-0.00).
• Jumbo 30 year Fixed rates at 4.32% (+0.05).
• 5/1 ARM rates at 3.24% (+/-0.00).