Mortgage Rates Weekly Update for January 9, 2017
Mortgage Rates Weekly Update for January 9, 2017 by John R. Thomas with Primary Residential Mortgage, Inc. in Newark, Delaware. John Thomas is the Branch Manager, a Delaware 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 lower last week as mortgage bonds were able to continue to rally for the second straight week. If you look at the mortgage bond chart below you can see mortgage bonds have been moving up since about December 20, 2016 after hitting the lowest point for bonds in 2 years and the highest point for mortgage interest rates. Bonds found floor of support and were able to rally higher and broke through ceiling of resistance. Mortgage bonds have stopped at ceiling of resistance and were turned lower. We are looking for bonds to make another run at breaking through the ceiling of resistance so we are recommending FLOATING your mortgage rate to start the week.