Mortgage Rates 6-1-15

What will mortgage interest rates do tomorrow? Mortgage professionals are voting in our daily poll. The ISM manufacturing index for May hit 52.8. Also, US construction spending increased by 2.2% in April. It has reached its highest level in 6.5 years. This strong data increased the selling of MBS and led to widespread negative repricing. If this week continues to bring positive economic data, this could push the Fed to hike rates sooner rather than later. September is the month set for this hike.

Check back tomorrow for factory orders; Wednesday for the ADP national employment, international trade, and ISM non-manufacturing PMI; Thursday for initial jobless claims; Friday for non-farm payrolls, private payrolls, unemployment rate, manufacturing payrolls, and average workweek hours.

Friday: MBS have been very stable this morning and the day has been exceptionally calm in comparison to the rest of the month. There was a short-lived rally after GDP results. GDP for Q1 contracted by 0.7%. Economists expected a 0.9% contraction. The initial estimate of Q1 showed that the economy grew 0.2%. Chicago PMI also came in weak at 46.2 vs the forecasted 53.0. After the MBS rally, they returned to their previous levels. After this lackluster week, expect rates to react strongly to next week's data.

Bookmark this page for daily mortgage updates:

• 30 year (FRM) rates at 3.93% (-0.03).
• 15 year (FRM) rates at 3.19% (-0.02).
• FHA 30 year Fixed rates at 3.60% (-0.15).
• Jumbo 30 year Fixed rates at 3.75% (-0.02).
• 5/1 ARM rates at 2.96% (-0.01).

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

Disclaimer

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.