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Mortgage Rates 5-29-15

By Carolina Palmer Updated on 5/29/2015

What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll. MBS have been very stable this morning and the day has been exceptionally calm in comparison to the rest of the month. There was a short-lived rally after GDP results. GDP for Q1 contracted by 0.7%. Economists expected a 0.9% contraction. The initial estimate of Q1 showed that the economy grew 0.2%. Chicago PMI also came in weak at 46.2 vs the forecasted 53.0. After the MBS rally, they returned to their previous levels. After this lackluster week, expect rates to react strongly to next week's data.

Thursday: Treasuries and corporate debt continue to be the main factors pushing liquidity. Today's economic data has made a small dent in MBS. Jobless claims came in weaker than predicted. US jobless claims rose to a five-week high of 282,000 last week. Economists expected claims to fall to 270,000. Conversely, pending home sales reached their highest level in 9 years. This shows a strong increase in demand in the housing sector. The pending home sales index increased 3.4% in April after it was expected to increase only 1%. Keep in mind that trading has been rather disconnected from economic data lately. The markets seem to be halted as we near the end of the month and await next week's data both domestically and abroad.

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  • 30 year (FRM) rates at 3.96% (-0.01).
  • 15 year (FRM) rates at 3.21% (-0.01).
  • FHA 30 year Fixed rates at 3.75% (0.00).
  • Jumbo 30 year Fixed rates at 3.77% (-0.01).
  • 5/1 ARM rates at 2.97% (-0.03).

Displaying rates for Mortgage Refinance in CA for $200,000

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About The Author:
Carolina Palmer
Carolina Palmer is the Senior Editor at Lender411. She graduated from Concordia University Irvine with a Bachelor's Degree in Communication Studies and Marketing. She has multiple years of experience in marketing and writing, and has previously worked with 3D Systems and Microsoft.

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