Mortgage Rates 7-17-14

By Stevie Duffin Updated on 7/17/2014

Mortgage bonds are strong today following an overnight rally caused by geopolitical tension in Russia and Ukraine, and were bolstered by weak housing data. A comparatively strong Philly Fed report was not enough to push bonds down. Look out for lower mortgage rates.  

June Housing Starts dropped to an annual rate of 893 thousand, a 9.3 percent dip from May and well below the expected 1.02 million. This is the slowest crawl in 9 months, headed by a drop in single family homes and apartments. Future construction is looking slow as well, since building permits dropped to an annual rate of 963K, a 4.2 percent dip. 

Yesterday: The NAHB announced that home builder confidence surged to its highest levels in six months, indicating sales conditions are considered good. Additionally, the NAHB predicts more prospective buyer traffic in coming months.

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• 30 year (FRM) rates at 4.21% (+0.01).
• 15 year (FRM) rates at 3.35% (+0.01).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 4.06% (+0.01).
• 5/1 ARM rates at 3.25% (0.00).