Mortgage Rates Weekly Update for December 12, 2016
Mortgage Rates Weekly Update for December 12, 2016 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 ended the week slightly higher after trying to rallying off support but falling to sustain after stock market has two days of record highs. If you look at the mortgage bond chart below you can see mortgage bonds have been trading in a “down escalator” pattern trading between the two green lines. Mortgage bonds tried to break out of the pattern higher which would have moved interest rates lower but were pulled back on Friday. Mortgage bonds ended on Friday just above support so we are recommending FLOATING your mortgage rate to start the week to see if mortgage bonds can bounce higher off support and move mortgage interest rates lower.