Mortgage Rates 5-8-15

What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll. The bond market is correcting itself after mortgage rates spiked earlier this week. We are seeing a rally that is pushing MBS into stronger territory. The weak NFP had a minimal effect on the direction of mortgage rates. Nonfarm payroll (NFP) increased by 223K in April, instead of the expected 228K. Expect mortgage rates to continue to decrease on Monday.

Thursday: The jobless claims data was largely ignored today. First-time unemployment benefits are barely rising above a 15-year low. German bunds remain the dominating factor behind Treasury and MBS weakness. The 10-year bunds jumped to 0.80 overnight. To put that into perspective, they were at 0.05 two weeks ago. In response, MBS have started recovering from their weakness. Mortgage rates are no longer increasing at the rate they were earlier this week. Expect mortgage rates to decrease tomorrow.

Bookmark this page for daily mortgage updates:

• 30 year (FRM) rates at 3.95% (-0.03).
• 15 year (FRM) rates at 3.22% (-0.03).
• FHA 30 year Fixed rates at 3.75% (0.00).
• Jumbo 30 year Fixed rates at 3.83% (-0.02).
• 5/1 ARM rates at 3.02% (0.00).

Displaying rates for Mortgage Refinance in CA for $200,000

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Carolina Palmer

Carolina Palmer is the Senior Editor at Lender411. She graduated from Concordia University Irvine with a Bachelor's Degree in Communication Studies and Marketing. She has multiple years of experience in marketing and writing, and has previously worked with 3D Systems and Microsoft.