Mortgage Rates Update for November 21, 2016
Mortgage Rates update for the Week of November 21, 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 moved to the highest level for 2016 on Friday as mortgage bonds continued to sell off. If you look at the mortgage bond chart below you can see the series of long red candles which show the bond continues to sell off and break through each floor of support. Last Week we saw a false bounce back higher on bonds that didn’t as Thursday resumed the sell off in Bonds and followed through again on Friday. The technicals show a strong sell signal still for bonds so rates could continue to move higher therefore we recommend LOCKING your mortgage rate to start the week.