Mortgage Rates weekly market update for the Week of June 29, 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 Continued to move higher last week as mortgage bonds sold off on news of a bailout being reach for Greece. If you look at the mortgage bond chart below you can see mortgage bonds continued their downward spiral as investors dumped mortgage bonds in favor of stocks as the European Union seems to have reached a deal to keep Greece from defaulting on its debt. We have been recommending LOCKING Your Mortgage Rate as the bonds continue to sell off. Bonds were able to hold a line of support on Friday so you can start the week carefully FLOATING if you didn’t take our advice and LOCK last week. If bonds break below support, we would again quickly switch to a LOCKING stance.