Mortgage Rates 2-18-14

By Stevie Duffin Updated on 2/18/2014

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

This morning, the New York Federal Reserve reported that the NY Manufacturing Index fell to 4.48 in February versus the 7.5 expected and down from the 12.5 in January. The new orders index fell to zero, but employment was unchanged save for longer work weeks.

The real market mover will come tomorrow at 2PM ET when FOMC January meeting minutes are released. Otherwise, look out for Thursday's Consumer Prices, Jobless Claims and Philadelphia Federal Reserve Survey reports.

Recap: Foreclosure reports out Friday from RealtyTrac show an 8% increase from December to January. However, January 2014 saw an 18% decrease in foreclosures from January 2013. This marks the 40th consecutive year-over-year decrease in foreclosure, albeit the smallest since September 2012. 

Last week, the Mortgage Banker's Association reported the latest from its Market Composite Index: total loan application is down 2%, refinance index down 0.2% and the purchase index is down 5%.

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• 30 year (FRM) rates at 4.43% (+0.05).
• 15 year (FRM) rates at 3.44% (+0.04).
• FHA 30 year Fixed rates at 4.00%. (+/-0.00).
• Jumbo 30 year Fixed rates at 4.32% (+0.02).
• 5/1 ARM rates at 3.24% (+0.02).