Today's Weak Data Makes for Lower Mortgage Rates

By Stevie Duffin Updated on 11/26/2014

Mortgage bonds experienced gains this morning, in part because jobless claims rose in the latest week to 313,000, well above the expected drop to 288,000. Durable goods ordering showed some improvement, but largely due to increased military spending. Ignoring military orders, overall numbers fell. Watch for dropping mortgage interest rates. 

For the rest of the day, expect all to be quiet on the Western front; the holiday lends itself to lowered market volatility. 

Tuesday: Case Shiller data showed home prices jumping up more than expected, but the rate at which prices rise continues to slow. Cosumer confidence numbers were weaker than expected. Last but not least, the third quarter GDP reading was strong: 3.9 percent, up from the previous reading of 3.5 percent. Despite some strong data including the favorable gross domestic product revision, mortgage bonds stayed in more positive territory, and rates fell.  

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• 30 year (FRM) rates at 3.92 (-0.03).
• 15 year (FRM) rates at 3.12 (-0.03).
• FHA 30 year Fixed rates at 3.40% (-0.10).
• Jumbo 30 year Fixed rates at 3.76% (-0.04).
• 5/1 ARM rates at 3.25% (+0.02).