Mortgage Interest Rate Weekly Update May 23 2016
Mortgage Interest Rate weekly update for the Week of May 23, 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 Interest Rates moved higher last week as mortgage bonds sold off as Federal Reserve announced that are looking to hike the Feds Funds Rate in June 2016. If you look at the mortgage bond chart below you can see the sell off in bonds last week. Bonds were able to find support at the 100 day moving average and may be ready to make a move higher which would move interest rates lower. Therefore we are recommending FLOATING Your mortgage rate to start the week.