Mortgage Rates Weekly Update for June 5, 2017
Mortgage Rates Weekly Update for June 5, 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 after disappointing Jobs Report for May 2017 was released. If you look at the mortgage bond chart below you can see mortgage bonds hit the high for 2017 after breaking through a tough ceiling of resistance at 200 day moving average and have hit the high not seen since the November US presidential elections. We are recommending FLOATING Your mortgage rate now that bonds have broken out of tight trading channel. We will be looking for bonds to close above the 200 day moving average on Monday and then this will be a new floor of support. If bonds fall below 200 day moving average then we would recommend locking your mortgage interest rate.