Mortgage Rates Update August 8 2016
Mortgage Rates weekly update for the Week of August 8, 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 Rates moved higher on Friday after the Jobs Report for July 2016 was released by Labor Department. If you look at the chart below you can see mortgage bonds ended the day lower on Friday with the red candle and closed below the 25 day moving average. The short term trend is for bonds to move higher so we are recommending carefully FLOATING your mortgage rate to start the week. If mortgage bonds can close above the 25 day moving average they could run higher and move mortgage rates back to all time record lows.