The theme for the day is domestic economic data. Today bonds had a great day, rallying as one report after the other provided confirmation of a weak economic state. We had been trying to break the lower barrier of the recent trading range, which indeed occurred today. going as low as 1.48% before finishing out the day at 1.51%. Key contributors were the Retail Sales report, which was anticipated at .4 percent increase, and came in flat. The Producer Price data fell -0.3 percent, which was supposed to gain 0.2 percent. After these two reports came in, bond yields immediately reacted and fell to the low range, putting rate sheets at their best levels in a month. Today was a bad day for the economy, and good day for mortgage rates. Check back next week for the most up to date mortgage news and rate update.
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• 30 year (FRM) rates at 3.37% (-0.03%).
• 15 year (FRM) rates at 2.73% (-0.03%).
• FHA 30 year Fixed rates at 3.15% (+0.10%).
• Jumbo 30 year Fixed rates at 3.47% (-0.03%).
• 5/1 ARM rates at 2.80% (-0.03%).
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