August 4th, 2014

Mortgage Rates were extremely volatile last week with a lot of movement in the Mortgage Backed Security Market.

On Wednesday – mortgage interest rate pricing shot up sharply with GDP data coming in higher than expected. The MBS market ended the day trading down – 68 bps. Friday, was the important July jobs report. If non farm payroll jobs increased more than expected – we could have seen a significant move higher in interest rates. Luckily, the data came back slightly lower than expected. Market analysts expected non farm payroll jobs to increase over 233,000. The numbers came back at 209,000. The MBS closed Friday + 42 bps, recovering much of the losses from earlier in the week.

On the week, the MBS market closed -12 bps.

In the end – interest rate pricing is very similar to where we started the week. 30 year fixed mortgage rates are starting at 4.125% and 15 year fixed mortgage rates are starting at 3.25%. Interest rates have remained in a tight range for most of 2014 – and I expect that to continue this week with some possible rate improvement. We dodged a bullet with the Friday jobs report – that could have been the event that finally pushed rates higher than their current levels.

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Below are today’s interest rates. Have a great week!!


30 Year Fixed at 4.25% paying 0 points

20 Year Fixed at 4.125% with $0 costs


30 year fixed:      4.125% – .52 points (4.235% APR),        4.25% – 0 points (4.3% APR)

20 year fixed:         3.875% – .80 points (4.03% APR),        4.125% – 0 points (4.17% APR)

15 year fixed:        3.25% – .78 points (3.42% APR),         3.5% – 0 points (3.53% APR)

10 year fixed:        3.125% – .6 points (3.24% APR),        3.25% – 0 points (3.29% APR)

5/1 ARM:        2.75% – .9 points (2.93% APR),         3.125% – 0 points (3.13% APR)

7/1 ARM:        3.125% – .86 points (3.31% APR),          3.375% – 0 points (3.4% APR)

30 year fixed FHA:        3.75% – 0 points (4.75% APR)

15 year fixed FHA:        3.25% – 0 points (3.55% APR)

30 year fixed VA:         3.75% – 0 points (3.82% APR)

Today's Interest Rates - August 4th, 2014

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