Mortgage Rates weekly market update for the Week of February 23, 2015 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager 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 moved lower again last week as mortgage bonds continue to sell off. If you look at the mortgage bond chart below you can see mortgage bonds sold off on Monday to move rates higher to start the week. Bonds have found a floor of support but have not be able to rally above a tough ceiling of resistance which is the blue line on the chart below. If mortgage bonds can’t break above this line, then rates will not move lower. We are recommending FLOATING your Mortgage Rate to start the week to see if bonds can rally through resistance but would quickly switch to locking if bonds begin to sell off again.