Mortgage Rate Update 9 24 14

By Stevie Duffin Updated on 9/24/2014

New home sales went through the roof in August to 504 thousand, marking a six-year high and surpassing the 430 thousand expected. Sales soared a third above the rate year-over-year. July was also revised to be higher. Lately the bond markets haven't reacted much to economic data, whether good or bad, but if convention takes the reigns watch for dropping bonds and rising rates. 

For other potential market movers this week, look out for durable goods and jobless claims tomorrow, and the big, fat, final Q2 GDP reading on Friday. 

Yesterday: Bonds started the morning strong but lost their pulse into midday, and went sideways. Economic data didn't have much of an effect either way, but the Federal Housing Finance Agency (FHFA) announced that home prices slowed their roll to the slowest pace in two years. Good news for prospective buyers and perhaps some economy fuel, but bad news for homeowners who are still upside down on their mortgage.

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• 30 year (FRM) rates at 4.21 (-0.01).
• 15 year (FRM) rates at 3.36% (-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 3.23% (+0.01).