Mortgage Rates 1-16-14

By Stevie Duffin Updated on 1/16/2014

What will mortgage interest rates do tomorrow? Rates should hold steady, according to mortgage professionals voting on our daily poll.

After several days of steadily falling rates, today shows increases in interest for 30 year fixed, jumbo 30 year and 5/1 ARM mortgages. Big questions this week surround the fate of bond prices and Fed tapering after Friday's disappointing jobs report. So far, FOMC members feel one weak jobs report will mean very little. Tapering will not likely be put on hold unless the coming weeks reveal extremely poor data that makes the $10 billion in bond purchasing less certain. 

Last week showed an 11.9% increase in mortgage applications, a relative comeback after a 12-year low during the previous holiday week. Refinance applications fell 1% to 62% of all mortgage applications in the same week - the lowest since September. 

The Fed will keep a close eye on upcoming data to support further changes in monetary policy. Two weeks of holidays brought momentary stability in the market place, but expect fluctuation and a steady climb in interest rates as we near the January 29 FOMC meeting. Bookmark this page for daily mortgage news and your rate update.  

30-year (FRM) rates rose by 0.03 to 4.53%. The 52-week high is 4.85%.

15-year (FRM) rates rose by 0.03 to 3.53%. The 52-week high is 3.90%.

FHA 30-Year Fixed rates held at 4.25%. The 52-week high is 4.60%.

Jumbo 30 Year Fixed rates rose by 0.02 to 4.40%. The 52-week high is 4.79%.

5/1 Year (ARM) rates held at 3.25%. The 52-week high is 3.37%.