Mortgage Rate Update August 29 2016
Mortgage Rate weekly update for the Week of August 28, 2016 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Loan Officer and the author of the best selling book, Your Guide to Buying Your First Home in Delaware. Call 302-703-0727 for a Rate Quote or Apply Online for Rate Quote
Mortgage Rate ended the week lower as the mortgage bonds sold off on Friday after Fed Reserve statement about future of raising short term interest rates. If you look at the mortgage bond chart below you can see the long red candle on Friday which shows the bond selling off and closing below the 50 day moving average and at the bottom of the sideways channel it has been trading in for the last couple of weeks. We recommend LOCKING your mortgage rate to start the week as the bond has broken beneath support and will need to rally above the blue line in the chart to have upward momentum to move interest rates lower.