Mortgage Rate Update 10 16 14

By Stevie Duffin Updated on 10/16/2014

Mortgage rates have been on a roller coaster the past 24 hours, and while up slightly now, are still holding at impressively low numbers for even beyond the past year. If economic data plays any part in where rates will head next, it's looking like they could experience more ups and downs: the NAHB housing market index fell to 54, below expectations that it would remain at 59. The Philly Fed business index was slightly above expectations of 20 at 20.7. Jobless claims filings had the most positive outlook, falling to a 14-year low. 

For other potential market movers this week, keep an eye out for housing starts and building permits tomorrow. 

Yesterday: Mortgage interest rates hit major lows. Unsuprising, considering the massively disappointing economic data riding the headlines: Empire State manufacturing, retail sales, and producer pricing all came back in the pits. NY Fed manufacturing was expected to be a pretty 20.25, but instead hit a homely 6.17. Retail sales were expected to grow if auto sales had not been taken into account, but instead dropped by 0.2 percent from September. Economists had been optimistic about producer prices but guessed wrong: they fell 0.1 percent and were 0.2 percent below year-over-year projections. Sour news for the moment if we're talking economy, but a great time to lock in a mortgage interest rate. 

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• 30 year (FRM) rates at 3.93 (+0.03).
• 15 year (FRM) rates at 3.13 (+0.03).
• FHA 30 year Fixed rates at 3.50% (+0.05).
• Jumbo 30 year Fixed rates at 3.87% (+0.02).
• 5/1 ARM rates at 3.19% (+0.01).