Mortgage Rates weekly market update for the Week of August 24, 2015 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 Rates were able to move lower in recent days as the Stock Market plunged after weak global economic news. If you take a look at the mortgage bond chart below you can see mortgage bonds were able to rally off support last week and move higher. BUT with the stock market plunging over 500 points on Friday and mortgage bonds only ending the day up 9 points we are recommending LOCKING Your Mortgage Rate to start the week. Mortgage bonds failed to move above the 200 day moving average even with the stock market sell off which is a bad sign for mortgage bonds.